After months of speculation, business mogul and reality TV star Donald Trump announced Monday that he is not running for president.

“After considerable deliberation and reflection, I have decided not to pursue the office of the Presidency,” he said in a statement quoted on CNN.com.

The “Apprentice” star said his decision was not an easy one, but he was convinced that he should remain in the private sector.

“I maintain the strong conviction that if I were to run, I would be able to win the primary and ultimately, the general election,” he said. “I have spent the past several months unofficially campaigning and recognize that running for public office cannot be done half heartedly. Ultimately, however, business is my greatest passion and I am not ready to leave the private sector.”

Despite his claims of being a leading candidate, Trump’s decision comes amid polls showing “The Donald” slipping among the ranks of candidates favored by the U.S. electorate.

In a Politico/George Washington University survey of 1,000 likely voters nationwide that was released Monday, 71 percent of the participants said they didn’t believe he had any chance of becoming president. The poll was conducted by Republican pollster Ed Goeas of The Tarrance Group and Democratic pollster Celinda Lake of Lake Research Partners.

A CNN /Opinion Research Corp. poll released last week echoed those sentiments. Trump had an unfavorable rating of 64 percent and would lose to Obama by 22 points in a general election matchup, according to the survey.

Trump is the second Republican to forego a run for the GOP presidential nomination in a matter of days. Mike Huckabee announced his decision to not run on Saturday.

Click here to read Donald Trump’s full statement.