Months of burning through campaign money did not seem to help him make a significant enough dent in national opinion polls.

Scott made the announcement during an interview on Fox News.

Scott is the only Black Republican in the Senate and began his campaign in May.

He portrayed himself as a deeply conservative candidate who was more capable of healing political divisions than Republican frontrunners Donald Trump and Florida governor Ron DeSantis.

The South Carolina native was always considered a long shot, but he was able to garner support from major donors, entering the race with a big war chest.

But his ability to stand out in the party's presidential debates proved to be lackluster.

He soon fell behind in most state- and national-level polls. His finances also began to deteriorate in recent months.

Scott's dropping out may provide a modest boost for other candidates like former UN ambassador Nikki Haley, trying to dislodge former President Trump, who has consistently led the polls by a wide margin.