Vivek Ramaswamy, the first millennial to run for the Republican presidential nomination, is suspending his campaign.

He announced the decision after the Iowa caucuses.

"We did not achieve the surprise that we wanted to deliver tonight," he said at his campaign's watch party in Des Moines, Iowa. He would go on to endorse former President Donald Trump.

Ramaswamy, 38, is a biotech and health care entrepreneur who has written two books: "Nation of Victims: Identity Politics, the Death of Merit, and the Path Back to Excellence" and "Woke, Inc.: Inside Corporate America's Social Justice Scam." He built his message around the idea that Americans lack purpose and meaning, and that the country needs someone like him — young, unjaded and an outsider — to help restore its national identity.

Ramaswamy, born in Cincinnati to parents who emigrated from India, graduated from Harvard University with a degree in biology. After Harvard, he took a job at a hedge fund as a biotech stock analyst and worked there while attending Yale Law School.

In 2014, he founded Roivant, the source of the bulk of his fortune. The company targets drugs that large pharmaceutical companies have shelved because they didn't fit into the company's business model. Roivant would buy the right to develop those drugs and share the profits with the original company.

In this undated photo from Ramaswamy's campaign website, a young Ramaswamy poses like the Statue of Liberty in New York.
In this undated photo from Ramaswamy's campaign website, a young Ramaswamy poses like the Statue of Liberty in New York.
From Vivek Ramaswamy 2024 Presidential Campaign
Ramaswamy appears in a sixth-grade musical performance at his school in Sharonville, Ohio, in 1997.
Ramaswamy appears in a sixth-grade musical performance at his school in Sharonville, Ohio, in 1997.
Tony Jones/The Cincinnati Enquirer/USA Today Network
Ramaswamy graduated as valedictorian from the private Jesuit St. Xavier High School, where he also played tennis and was a member of the mock trial team.
Ramaswamy graduated as valedictorian from the private Jesuit St. Xavier High School, where he also played tennis and was a member of the mock trial team.
From Vivek Ramaswamy/Instagram
Ramaswamy poses with his parents and his younger brother after graduating from Harvard University.
Ramaswamy poses with his parents and his younger brother after graduating from Harvard University.
From Vivek Ramaswamy 2024 Presidential Campaign
Ramaswamy speaks at the Forbes Under 30 Summit in Philadelphia in 2015.
Ramaswamy speaks at the Forbes Under 30 Summit in Philadelphia in 2015.
Gilbert Carrasquillo/Getty Images
Ramaswamy carries his son Karthik at their home in Columbus, Ohio, in 2021. Ramaswamy and his wife, Apoorva, have two sons.
Ramaswamy carries his son Karthik at their home in Columbus, Ohio, in 2021. Ramaswamy and his wife, Apoorva, have two sons.
Angelo Merendino/Redux
Ramaswamy speaks at the Swiss Economic Forum in Interlaken, Switzerland, in 2022.
Ramaswamy speaks at the Swiss Economic Forum in Interlaken, Switzerland, in 2022.
Anthony Anex/EPA-EFE/Shutterstock
Ramaswamy attends the Conservative Political Action Conference in March 2023. A month earlier, he announced that he would be running for president.
Ramaswamy attends the Conservative Political Action Conference in March 2023. A month earlier, he announced that he would be running for president.
Mark Peterson/Redux
Ramaswamy speaks at the Conservative Political Action Conference in March 2023.
Ramaswamy speaks at the Conservative Political Action Conference in March 2023.
Alex Brandon/AP
Ramaswamy bows his head in prayer while attending the Ohio Republican Pancake Breakfast in Cincinnati in March 2023. Ramaswamy is a practicing Hindu.
Ramaswamy bows his head in prayer while attending the Ohio Republican Pancake Breakfast in Cincinnati in March 2023. Ramaswamy is a practicing Hindu.
Maddie McGarvey/The Washington Post/Getty Images
Ramaswamy speaks at the National Rifle Association's convention in Indianapolis in April 2023.
Ramaswamy speaks at the National Rifle Association's convention in Indianapolis in April 2023.
Jon Cherry/Bloomberg/Getty Images
Ramaswamy hands the microphone to Walter Waligura for a question during a campaign event in Windham, New Hampshire, in May 2023.
Ramaswamy hands the microphone to Walter Waligura for a question during a campaign event in Windham, New Hampshire, in May 2023.
John Tully/The New York Times/Redux
Ramaswamy is joined on stage by his wife, Apoorva, and their sons Karthik, left, and Arjun during the Moms for Liberty National Summit in Philadelphia in July 2023. Apoorva Ramaswamy is a throat cancer surgeon at Ohio State University.
Ramaswamy is joined on stage by his wife, Apoorva, and their sons Karthik, left, and Arjun during the Moms for Liberty National Summit in Philadelphia in July 2023. Apoorva Ramaswamy is a throat cancer surgeon at Ohio State University.
Michael M. Santiago/Getty Images
Ramaswamy raps along to Eminem's "Lose Yourself" at the Iowa State Fairgrounds in August 2023. BMI, a performing rights organization, <a href="index.php?page=&url=https%3A%2F%2Fwww.cnn.com%2F2023%2F08%2F28%2Fpolitics%2Fvivek-ramaswamy-eminem%2Findex.html" target="_blank">later informed Ramaswamy's campaign at Eminem's request</a> that it will no longer license the rapper's music for use by the campaign. When Ramaswamy was in college, he moonlighted as a libertarian rapper under the stage name Da Vek.
Ramaswamy raps along to Eminem's "Lose Yourself" at the Iowa State Fairgrounds in August 2023. BMI, a performing rights organization, later informed Ramaswamy's campaign at Eminem's request that it will no longer license the rapper's music for use by the campaign. When Ramaswamy was in college, he moonlighted as a libertarian rapper under the stage name Da Vek.
Demetrius Freeman/The Washington Post/Getty Images
Ramaswamy and Nikki Haley participate in the first Republican presidential debate in August 2023.
Ramaswamy and Nikki Haley participate in the first Republican presidential debate in August 2023.
Win McNamee/Getty Images
Ramaswamy talks to members of the media after the first Republican presidential debate.
Ramaswamy talks to members of the media after the first Republican presidential debate.
Scott Olson/Getty Images
Ramaswamy speaks to guests during a campaign stop in Independence, Iowa, in January 2024.
Ramaswamy speaks to guests during a campaign stop in Independence, Iowa, in January 2024.
Scott Olson/Getty Images
Ramaswamy claps as former President Donald Trump speaks to caucusgoers in Clive, Iowa, in January 2024. Ramaswamy suspended his campaign after the Iowa caucuses and endorsed Trump.
Ramaswamy claps as former President Donald Trump speaks to caucusgoers in Clive, Iowa, in January 2024. Ramaswamy suspended his campaign after the Iowa caucuses and endorsed Trump.
Maansi Srivastava/The New York Times/Redux