"I have spent the past several months unofficially campaigning and recognize that running for public office cannot be done half-heartedly," Trump said in a statement. "Ultimately, however, business is my greatest passion and I am not ready to leave the private sector."
Trump became the second contender in as many days to bow out of the race, a sign that the Republican field is finally beginning to take shape.
Immediately following former Arkansas governor Mike Huckabee's announcement to sit out on Saturday night, several would-be Republican contenders, including Trump, issued statements to congratulate the former governor's decision. While Trump's announcement delighted advertisers — who cheered, according to The New York Times, when he said during an event for broadcast networks in New York that he will remain on NBC— the Republican contenders let it pass without so much as a tweet.
STORY: Donald Trump skips '12 presidential race
Trump's 15 minutes of political fame began several months ago when he spoke to the annual Conservative Political Action Committee in Washington. His embrace of the so-called birther issue, which questioned whether President Obama was born in the USA, also attracted wide media attention. He began appearing at the top of several national polls.
Over the past few weeks, Trump's popularity in the polls had begun to erode significantly.
Peter Brown, assistant director for Quinnipiac University Polling Institute, said Trump's chances of winning were "infinitesimal."
Brown pointed to a Quinnipiac national poll released May 4 that reported 58% of Americans said they would never vote for Trump for president.
"There's a silly season that goes on in presidential nominating contests when it shakes itself out, and this is part of it," Brown said.
Republican pollster John McLaughlin contended Trump's slide in the polls was due to the fact people did not think he was going to run.
"If he'd gotten in, his numbers would have doubled or tripled and we would have sucked the oxygen out of the race," McLaughlin said.
Roger Stone, a GOP consultant and Trump friend, said Trump "was very torn by the decision." Ultimately, he said, Trump's decision was a business one and that the "astronomical" sum offered by NBC to renew The Apprentice for two seasons made it difficult to walk away.
"I don't think he ever wanted to live the politician's lifestyle: 24/7 shaking hands … he's a Manhattan kind of guy," Stone said.
South Carolina Tea Party Chairman Allen Olsen learned this firsthand Monday , when he received a message that Trump would not attend his group's rally Thursday .
"I received a call from Mr. Trump's secretary stating that he will not run and he canceled his trip to South Carolina and that she was sorry," Olsen said in a statement. "I understand Mr. Trump is a busy man, and that members of Columbia Tea Party are just your average everyday hard-working Americans, but I do think we deserved better."
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