Tom Steyer: Billionaire activist announces he will not run for president in 2020

'Most people come to Iowa...to announce a campaign for the presidency'

Tom Steyer was believed to be mulling a White House run (AP)

Billionaire investor Tom Steyer has said he will not run for president in 2020, surprising Democrats who had expected him to join the latest race for the White House.

Mr Steyer, an influential activist, has spent $50m (£39m) on his campaign calling for the impeachment of Donald Trump.

"I said last year that I'm willing to do whatever I can to protect our country from this reckless, lawless and dangerous president," the billionaire said during an event in Des Moines, Iowa.

"Therefore, I will be dedicating 100 per cent of my time, effort and resources working for Mr. Trump's impeachment and removal from office. I am not running for president at this time."

Mr Steyer intends to spend a further $40m on the impeachment effort in 2019.

The activist said that "the impeachment question has reached an inflection point," as the Democrats now form a majority in the House of Representatives.

His decision to forgo a White House run came as a shock to some Democrats, as the activist has been travelling the country promoting the political platform he released after November's midterm elections.

He was widely rumoured to be considering a White House run.

"Most people come to Iowa around this time to announce a campaign for the presidency," the billionaire said in Des Moines.

"But I am proud to be here that I will do whatever it takes as long as it takes to remove a president."

Iowa is a hugely influential state in US primary elections due to its early caucus. Politicians seeking the White House frequently visit the prairie state at the beginning of campaigns.

Despite Mr Steyer's efforts to pressure politicians into supporting impeachment hearings, the Democratic leadership in the House of Representatives remains cautious about trying to remove Donald Trump from office.

House Speaker Nancy Pelosi has said that the House shouldn't move to impeach Trump without more facts and added that the effort would be divisive.

Mr Steyer objected to that approach during his Iowa appearance.

"If someone says there are tactical, political reasons not to do the right thing for our country, I would say that's not the basis on which we're making decisions," he said.

The billionaire will remain an influential figure in the 2020 campaign, despite bowing out as a possible candidate.

He had built a network of organisations that are likely to affect both the presidential race and key congressional races across the US.

Additional reporting by agencies