Speaking on Fox News on Sunday night, he said, “”I think the voters, who are the most remarkable people on the planet, have been really clear that they’re telling me: ‘Not now Tim’.”
Scott reiterated his stance on declining any potential vice presidential nomination, a position he had consistently emphasised during his campaign.
The senator’s decision comes just two months before the presidential primary season kicks off in Iowa.
Scott, the only black man to ever serve in both chambers of Congress, had hoped to become the first African American to secure the Republican nomination.
On Wednesday, Scott participated in the third Republican presidential debate alongside Florida governor Ron Desantis, former ambassador to the United Nations Nikki Haley, political newcomer Vivek Ramaswamy, and Chris Christie. Former President Donald Trump was noticeably absent.
BBC reports that some major donors who supported Scott say they are now switching their allegiance to former Haley, who is also from South Carolina.
A recent CBS News/YouGov poll estimated that Scott had just 4% of voters’ support, putting him in fifth place in the Republican race.
Trump has a commanding lead over Republican rivals in opinion polls.
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