Billionaire Tom Steyer will not run for President in 2020, his spokeswoman tells CNN, ending months of speculation that the Democratic donor will escalate his efforts to defeat Trump by attempting to take him on at the ballot box.
This is not the first time Steyer has flirted with a political run only to back out.
Iowa is the traditional starting point for the Democratic nominating contests that will kick off early next year. "I am not running for president at this time".
Steyer, 61, has grown increasingly active in politics over the past decade but has never run for office.
Early opinion polls showed the environmentalist and philanthropist, who is based in San Francisco, trailing other Democrats in name recognition and support.
He may face another self-funded billionaire candidate in Michael Bloomberg, the former mayor of NY, who has more of a national profile. Elizabeth Warren (D-MA) formally announced a presidential exploratory committee, a precursor to a potential 2020 White House bid.
"I am not running for president at this time", Steyer said at a press conference in Des Moines, Iowa.
He has since become a deep-pocketed force in Democratic fundraising. NextGen America, a political nonprofit he formed in 2013, has poured millions into elections, focussing on climate change, immigration and access to affordable healthcare, among other issues.
Steyer added that Congress has a constitutional obligation "to end this shameful presidency" and he is asking that they put aside their political considerations.
Referring to the outside group he heads that is dedicated to removing the 45th President from office, Steyer said he "will be dedicating 100 percent of my time, effort and resources to one cause: working for Mr. Trump's impeachment and removal from office". He has accused the president of colluding with Russian Federation to win the White House and obstructing investigations into their efforts, allegations Trump denies.
Steyer has long positioned himself as a vocal adversary of Trump.
Hedge fund billionaire and Democratic fund-raiser Tom Steyer speaks during a town hall event, January 29, 2018, in NY.
He then launched a town hall tour to promote his platform and began hiring staff in the early-voting states of Nevada, New Hampshire and SC, where the political novice must make a strong showing in order to have a viable candidacy.