Wealthy Democratic businessman and attorney Byron Georgiou dropped out of the Neveda Senate race Wednesday, saying that, for now, he could be a more potent advocate on economic issues outside of public service.

In a statement, Georgiou said he thought he would be well qualified to serve in the Senate but that he could “more effectively contribute to resolution of the serious economic issues facing our state and nation through my work in the private sector.”

His decision leaves Rep. Shelley Berkley (D-Nev.), who is supported by Senate Majority Leader Harry Reid (Nev.), the presumptive Democratic nominee against GOP Sen. Dean Heller, who was appointed to the seat earlier this year after the resignation of GOP Sen. John Ensign.

A recent poll showed Georgiou trailing Berkley by 65 points. Georgiou had also flirted with the idea of running as an independent.

Georgiou, a resident of Las Vegas, was a member of the Financial Crisis Inquiry Commission, a position he secured with the initial backing of Reid.