Major Democratic donor Tom Steyer says he will invest at least $30 million in the 2018 midterm elections but will not run for political office this year.
The billionaire San Franciscan was rumored to be eyeing the race for California governor or U.S. Senator Dianne Feinstein's seat.
At a press conference in Washington, D.C. Monday morning, Steyer said he will instead focus on mobilizing young progressive voters for the 2018 elections.
"My fight is not just in California," he said. "My fight is in removing Donald Trump from office and from power, and that starts with taking the House back."
The former hedge fund manager said he is pouring another $30 million into his progressive organization called NextGen America to lead a young voter registration effort in ten states.
"Last year the people did speak in Virginia, in New Jersey, in Alabama, in races from Oklahoma to Florida," he said. "But as encouraging as that was, we have no room to go backwards."
Steyer has already spent $20 million on an ad campaign to impeach President Trump and said he plans to "double down" on that effort.
In response, Trump tweeted that Tom Steyer is "wacky and totally unhinged" and said the San Francisco billionaire "never wins elections."
Steyer did not discount possibility of running for office in 2020.