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Adviser: Billionaire Steyer won’t run for president in 2020

Billionaire investor and Democratic activist Tom Steyer will not run for president in 2020

Billionaire investor and Democratic activist Tom Steyer speaks to the Iowa Latino and Asian Coalition, Wednesday, Jan. 9, 2019, at the Statehouse in Des Moines, Iowa. (AP Photo/Charlie Neibergall)
Billionaire investor and Democratic activist Tom Steyer speaks to the Iowa Latino and Asian Coalition, Wednesday, Jan. 9, 2019, at the Statehouse in Des Moines, Iowa. (AP Photo/Charlie Neibergall)Read moreCharlie Neibergall / AP
    by THOMAS BEAUMONT and JUANA SUMMERS, The Associated Press
    Published 

DES MOINES, Iowa (AP) — Billionaire investor and Democratic activist Tom Steyer will not run for president in 2020.

Adviser Aleigha (ah-LEE'-ah) Cavalier confirmed the decision Wednesday afternoon, shortly before Steyer was due to speak at an event in Des Moines, Iowa. The New York Times was first to report his plans.

The decision comes as a surprise, given Steyer had been traveling the country promoting the political platform he released after November's midterm elections.

Although Steyer opted against a presidential run, the constellation of political organizations that he has built is likely to have an impact on the presidential race and on key congressional races across the country.

Several prominent Democrats have also declined to run in 2020, including former Massachusetts Gov. Deval Patrick and lawyer Michael Avenatti.

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Summers reported from Washington.