(Bloomberg) — South Carolina Senator Tim Scott is ending his presidential campaign, a long-shot bid to offer an alternative to Republican standard-bearer Donald Trump that drew the interest of prominent Wall Street executives.
"If you ever want to love your country more, run for president," Scott said on Fox News's Sunday Night in America with Trey Gowdy."Traveling this country, meeting people, it's been one of the most fantastic experiences of my entire life. I love America more today than I did on May 22. But when I go back to Iowa it will not be as a presidential candidate. I am suspending my campaign."
Scott, 58, said he wouldn't immediately make an endorsement in the race and was not looking to join a Republican ticket as a vice presidential candidate.
He faced an uphill climb in the 2024 GOP contest, struggling to emerge from a crowded pack with an upbeat message built around his personal story and an optimistic vision for the country that was in sharp contrast to Trump's rhetoric. "At the end of the day, I do think that optimism in the midst of chaos isn't seen through the proper prism," Scott said.
Iowa Republicans are scheduled to officially kick off presidential primary voting with the Jan. 15 caucuses. The cycle has so far been marked by Trump's wide polling lead over the rest of the field, boosted by the attention surrounding his myriad court cases.
Currently the only Black Republican senator, Scott was first elected to the chamber in 2013. Well-liked by colleagues and warmly received on the campaign trail, he struggled to distinguish himself in the Republican debates, the third of which took place last week.
While his approach failed to resonate with the Republican base — the latest RealClearPolitics average of GOP polls show him in sixth place — it found a receptive audience on Wall Street.
Scott's wealthy supporters included Marc Rowan of Apollo Global Management and Stan Druckenmiller of Duquesne Family Office. They hosted a Hamptons fundraiser for him over the summer, along with former Goldman Sachs Group Inc. President Gary Cohn, a onetime economic aide to Trump, and Sabin Metal Corp. owner Andy Sabin. Blackstone Inc.'s Steve Schwarzman and Goldman Chief Executive Officer David Solomon each donated $6,600 to Scott's effort, the maximum allowed.
As the top Republican on the Senate Banking Committee, Scott used his national network of donors and strong support from the financial industry to enter the race with a significant cash advantage — at one point second only to Trump. That backing allowed him to hit the air in early voting states with major advertising buys, but his fundraising eventually failed to keep pace with rivals as he was unable to break out in polls.
In the first 40 days of his campaign, he raised only $6.1 million — trailing Trump, Florida Governor Ron DeSantis and former United Nations ambassador Nikki Haley, a fellow South Carolinian. In the third quarter, Scott spent $12.3 million, burning through cash from his 2022 Senate campaign. Haley's candidacy posed a particular challenge for Scott, dividing the state's political establishment.
Scott, however, was the only Republican candidate with a net positive rating among swing-state voters, with 25% viewing him favorably versus 24% unfavorably, according to a Bloomberg News/Morning Consult poll. But he also suffered from low name recognition: 31% of swing-state voters had never heard of him, and another 19% didn't know enough about him to have an opinion.
"Tim Scott is a strong conservative with bold ideas about how to get our country back on track. I respect his courage to run this campaign and thank him for his service to America and the US Senate," DeSantis said in a tweet after Scott announced his campaign suspension.
