He was once the darling of the Tory party, taking centre stage as the country plunged into crisis in 2020, and was the most popular leadership candidate among MPs less than two months ago.
But today Rishi Sunak's Downing Street dream is in tatters, sparking speculation about where his future lies.
The former Chancellor forced a smile as he walked into the gaping conference room for today's announcement, having been told moments earlier he had been defeated by the Foreign Secretary after winning 42.6% of Tory members' votes.
It leaves him at a crossroads, as he's unlikely to be offered a role within the Truss government - but at 42 he's got plenty of time to mount a comeback if he stays in politics.
Today he insisted this was what he would do, saying he intends to put himself forward at the next election.
Whether he does or not remains to be seen - it's well documented that he's a very wealthy man, with an estimated £730 million fortune alongside wife Akshata Murty.
With the luxury of not having to earn a crust, going back to the backbenches and biding his time while picking up a basic salary of £84,144 a year might appeal to him.
Today he told the BBC: "I am very committed to my constituents in North Yorkshire... and as long as they will have me I plan to keep serving them not just in the immediate future but also at the next election."
Mr Sunak claimed he was not worried about securing a cabinet position, stating: "It is just not something I'm thinking about."
Since the leadership race started in early July, he and Ms Truss have been bitterly scrapping for votes, but today he said their rivalry was "in the past".
If he does have a change of heart, he could retreat to one of his four homes, including a plush penthouse in California facing the Pacific Ocean, to lick his wounds and maybe return to the finance world.
At the weekend he sparked speculation by refusing to rule out a US move - while also saying he intends to remain an MP for the time being.
Instead he told the BBC's Laura Kuenssberg on Sunday: "It's presumptuous for me to say because I have to get selected by my own members."
Mr Sunak enjoyed a majority of more than 27,000 in 2019, picking up 64% of the vote, so it is unlikely his local association will be looking to oust him before 2025.
The ambitious former financier from Southampton was thrust into the limelight in February 2020, when he was appointed Chancellor - just weeks before the country was plunged into an unprecedented lockdown and he was forced to oversee the furlough scheme to keep Brits afloat.
Tory MPs are none the wiser about what he will do yet. Mark Francois, who backed Ms Truss, yesterday told The Mirror: "What Rishi Sunak does next is a matter for Rishi Sunak. I think he put up a very credible campaign, this was a hard-fought contest but it's produced an emphatic winner."
Mr Sunak has yet to comment on his plans, keeping his cards close to his chest.
He and his wife own two homes in London, one in Yorkshire - where a new gym and swimming pool are being installed - and California. They lived in the US following their wedding in 2009, and it emerged that he held a US green card - allowing permanent residence - until last year.
Before his election in 2015, Mr Sunak worked at investment banking firm Goldman Sachs before becoming a partner at two hedge fund firms - the Children's Investment Fund Management and Theleme Partners.
Following his defeat he called for the party to unite behind Ms Truss - having spent weeks trying to convince members that her economic plans would drive desperate Brits into destitution.
In a tweet congratulating the winner, he said: "Thank you to everyone who voted for me in this campaign.
"I've said throughout that the Conservatives are one family.
"It's right we now unite behind the new PM, Liz Truss, as she steers the country through difficult times."
Today his North Yorkshire constituents said they were disappointed but not surprised at his defeat, and hoped he would stay on as the local MP.
Shoppers in the market town of Northallerton said they believed he would stick to his stated plan to continue to represent them.
Matthew James, 57, said: "Obviously I would have liked him to have won but it's no surprise and it will, hopefully, mean we will continue to see more of him up here.
"I think you'll find most people really like him here and hope he stays as the local MP."
Amanda Jenkins, 61, said: "I know there's speculation that he'll go abroad but I think he'll stay on and keep helping people out.
"He's done a lot in this area and I think people will remember what he did for the country with Covid and furlough and all that."
