“If you don't do well in the first two states you start looking at the math,” Graumman said. “If there's no path to victory, [forging ahead is] a disservice to both your donors, the Yang Gang, but also the message and this movement.”

Yang launched his long-shot campaign as an unknown in politics, the second Democrat to jump into what became the crowdest and most diverse field in history. He qualified for debates but started off relegated to the far edge of the stage where lower-polling candidates are placed.

His signature proposal, giving $1,000 to every adult to help them adapt to the effects of computer automation, was seen as a gimmick at first, but over time was treated seriously by his rivals and some of the media. Yang, with his non-politician speaking style and quirky sense of humor, drew a surprising following and online army of donors.

He offered a theory of the current state of politics that distinguished him from his opponents. Yang argued that Donald Trump became president because automation decimated the manufacturing industry and devastated communities. Angry and confused, they turned to Trump as a break from the politics they viewed as responsible for their plight.

Yang ran for months with almost no media coverage; his breakout came on Joe Rogan’s popular podcast. Nick Ryan, Yang’s campaign chief, said nontraditional media was at the center of their strategy from day one.

"Fortunately we’re in an environment where a powerful message and a strong online presence was enough to put you on that stage and enough to turn on 65,000 people to think, this is my guy. I'll give him a buck,” Ryan said.

It wasn’t until his campaign announced $9.9 million raised in the third quarter of the year that people started to take Yang more seriously. He followed that up with an astonishing $16.5 million haul the following quarter.

Indeed, Yang’s fundraising chops, his devoted fan base and his rise from nowhere to outlasting sitting senators and governors to sixth in the polls was one of the biggest surprises of the Democratic primary.

But the story took a sharp turn once voters weighed in. In Iowa, Yang garnered just 1 percent of the raw vote, and no delegates.

It’s up in the air what Yang will do next. He’s waffled on running for another office in the past, but teased that he’ll be around for some time.

“I see myself as a problem solver and a parent and a patriot. And the problems are not going away. I'm not going away. The Americans who are passionate about improving our way of life are not going away. So we'll be here until the problems are solved,” he said in December.