Less than an hour later, Sen. Michael Bennet also dropped out of the race. Bennet is a Colorado senator who staked his bid largely on trying to win New Hampshire but failed to gain traction.
"I am the math guy, and it is clear to me from the numbers that we are not going to win this race," Yang said in front of a crowd of supporters as votes in New Hampshire's first-in-the-nation primary were being counted.
"This is not an easy decision or something I made lightly with the team. Endings are hard," Yang added. "I have been persuaded that the message of this campaign will not be strengthened by (me) staying in the race any longer."
I am so proud of this campaign. Thank you to everyone who got us here. 🙏— Andrew Yang🧢 (@AndrewYang) February 12, 2020
The 45-year-old was one of the breakout stars of the Democratic primary race, building a following that started largely online but expanded to give him enough donors and polling numbers to qualify for the first six debates.
He outlasted senators and governors, and after initially self-funding his campaign, he raised more money than most of his rivals, bringing in over $16 million in the final quarter of last year. It was a bigger haul than all but the top four candidates: Vermont Sen. Bernie Sanders, former South Bend, Indiana, Mayor Pete Buttigieg, former Vice President Joe Biden and Massachusetts Sen. Elizabeth Warren.
Yang grew his outsider candidacy by campaigning as a non-politician, someone who mixed unconventional campaign events - from bowling to ax throwing - with serious talk about the millions of jobs lost to automation and artificial intelligence and the dark outlook for American jobs and communities.
SEE ALSO: Andrew Yang's 'Yang Gang' drives his unconventional campaign -- Chasing California 2020
The graduate of Brown University and Columbia Law School gave campaign speeches full of statistics and studies that often resembled an economics seminar. His supporters, known as the Yang Gang, donned blue hats and pins with the word MATH - short for his slogan Make America Think Harder.
Yang promoted his signature issue of universal basic income, which he dubbed the "freedom dividend," by announcing during a debate that he would choose individuals to receive the monthly $1,000 checks. The statement prompted questions about whether he was trying to buy votes, but also generated a buzz online and helped the campaign build a list of possible supporters.
His poll numbers were high enough, combined with his fundraising strength, to qualify for him for all of the 2019 debates, though he fell short of Democratic National Committee's qualifications to participate in the January debate in Iowa. He was, however, one of seven candidates who participated in Friday's debate in New Hampshire. His departure from the race almost guarantees that the Democrats, who once had the most diverse presidential field in history, will have no candidates of color on the debate stage again this cycle.
Yang spent most of January in the leadoff caucus state, including a 17-day bus tour during which he told voters his finish in Iowa would "shock the world."