Former ruling People Power Party(PPP) lawmaker Yoo Seong-min has dropped out of the race to helm the party. 

In a social media post on Tuesday, Yoo said he concluded that it would be meaningless to bid for leadership now. He added that he will patiently wait for the right time, and walk a new path so that he can better represent the Korean people. 

Yoo also said he will fulfill a calling to prevent tyranny, in an apparent reference to President Yoon Suk Yeol, and protect the democratic republic.

Yoo has clashed with Yoon since the primaries for last year's presidential election and has been vocal in his criticism of the Yoon administration's handling of state affairs.

The PPP recently revised its regulations to elect party leadership solely based on votes cast by party members and adopted a runoff system, steps taken in an apparent effort to minimize Yoo's chances of winning. 

Following dropout announcements by Yoo and former lawmaker Na Kyung-won, the leadership election is set to become a two-horse race between representatives Kim Gi-hyeon and Ahn Cheol-soo.