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But two days after Mr. Yang’s underwhelming performance in Iowa, his campaign laid off dozens of staff members from a team that had ballooned from fewer than a dozen people to over 200.

Despite having raised more than $30 million over the course of his presidential campaign — a remarkable sum for a political outsider — Mr. Yang’s team had only $3.7 million in cash on hand at the start of this year, according to federal filings.

In an email to supporters last week, he suggested he would need to finish in the top four in the New Hampshire primary for the campaign to get “the boost” it needed — a goal he failed to achieve.

Mr. Yang’s base of political support consisted mostly of young and male voters — some progressive, some who previously supported President Trump, and many in between. His departure from the race could aid Senator Bernie Sanders of Vermont, whom many of Mr. Yang’s most loyal fans said they had voted for in 2016.

But given that Mr. Yang’s support in the polls never exceeded the mid-single-digits, no candidate is likely to be significantly helped by his exit. Indeed, at rallies and town halls throughout the primary, many members of the so-called Yang Gang said they had never been involved in politics before encountering Mr. Yang.

His plans moving forward were not immediately clear, though senior campaign officials would not rule out a return to politics. “We are just getting started,” Zach Graumann, Mr. Yang’s campaign manager, said Tuesday.

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