The Democratic Party presidential aspirant Beto O'Rouke has quit the presidential race.
Announcing the decision to his supporters, the former Texas representative cited the inability to meet the financial commitments of running a successful presidential campaign.
His decision came just a day before the Democratic Party candidates gather in Iowa.
"Though it is difficult to accept, it is clear to me now that this campaign does not have the means to move forward successfully," he said.
American publications reported that his campaign had dismally failed to resonate with the Democratic base with polls showing that his popularity ratings were plummeting.
Beto O'Rouke came to national prominence after running an energetic campaign in 2018 for the Texas seat, beating Ted Cruz, a political heavyweight.
Scores of his supporters were seen tearfully hugging each other as the news came through that their candidate had decided to throw in the towel.
Mr O'Rourke assured his supporters that he would continue fighting for what he believes in even outside the presidential race.
"It’s always been the young people of this country willing to serve, to struggle, to sacrifice, who have brought us to our senses, who have brought us to a better place than we would have been otherwise," he said.
“That’s why we were in this fight, that’s why we will stay in this fight in whatever capacity I can and why I’m so grateful I was in this fight as a candidate with you," he added.