Saikat Chakrabarti is the subject of many headlines today calling out the massive amount of personal money he spent coming in a distant third in Tuesday's primary for California's District 11 House seat. And rather than wait for more numbers to come in, he is bowing out of the race today.

We already saw the initial numbers come in, in this very low-turnout primary election, showing that Scott Wiener and Connie Chan were almost definitely going to be the top two vote-getters barring some bizarre flood of Chakrabarti votes. And given that Chakrabarti did not take one single precinct in the city according to the early vote tally, that is even less likely.

So, as KRON4 reports, Chakrabarti conceded the race as of Wednesday around noon.

"I want to congratulate Sen. Scott Wiener and Supervisor Connie Chan on their victories and thank everyone who participated in this election," Chakrabarti said in a statement. "While this wasn’t the outcome we hoped for, I’m incredibly proud of what we built together."

Wiener currently has 41.3% of the vote, with Chan getting 28.6%, and Chakrabarti getting 14.9%.

As we discussed earlier, Chan, given her fairly progressive track record, stands to gain many of the voters who supported Chakrabarti. But Wiener likely stands to gain many of the Republican and moderate-leaning voters who opted for other candidates, and the November race could very well be a tight one.

Chan is likely to continue to benefit from House Speaker Emerita Nancy Pelosi's endorsement and support — and it was clear from this interview last week that Pelosi intends to dismiss Wiener's qualifications any chance she gets, which could have its own effect.

All told, Chakrabarti's considerable campaign efforts, which included funds from small individual donations and around $8.8 million of his own wealth, still could not overcome his lack of name recognition in San Francisco and his obvious lack of local political cred.

His campaign was said to have been paying canvassers $45 per hour to go door-knocking on his behalf — did they knock on your door? They knocked on mine! At least twice!

And they likely spent millions on those TV and web ads in which average folks repeated his name in an effort to drill some recognition into the minds of voters. Though the big blunder there was emphasizing Chakrabarti's ties to Alexandria Ocasio-Cortez, whom he worked for as chief of staff for the first seven months of her Congressional career in 2019, only to apparently be fired over some tweets insulting the Democratic Caucus, and then AOC herself awkwardly declined to offer her endorsement of her former staffer.

A last-ditch effort in recent days to try to tie Chan to a pro-Israel PAC also did not do much to improve his chances.

Will Saikat Chakrabarti continue trying to run for office in San Francisco? Or will he prove his critics right and move elsewhere, trying his hand in some other district in the future? We shall see.

Related: SF Election Turnout Looking Historically Low, and Why Does No One Vote on Election Day Anymore?