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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Source: The Associated Press

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