Tom Steyer, the billionaire environmental activist and one of the Democratic party’s biggest political donors, has announced his bid for California governor, joining a rapidly expanding field looking to replace the termed-out Gavin Newsom. Steyer, who previously ran for the Democratic presidential nomination in 2020, said he is entering the race to tackle what he calls the state’s “intractable affordability crisis”.
A billionaire activist with deep political roots
Steyer, 68, built his fortune in finance after founding Farallon Capital Management in 1986, turning it into one of the world’s most influential hedge funds. But he left the firm in 2012 to devote himself full-time to political and environmental causes. He went on to create NextGen America, a youth-focused voter mobilisation organisation centred on climate change, reproductive rights and progressive policy.He has since become one of the largest donors to Democratic candidates and initiatives across the US, spending millions on campaigns and ballot measures.
From presidential hopeful to California contender
Steyer’s most high-profile political moment came in 2020 when he sought the Democratic nomination for president. His campaign emphasised climate action, corporate accountability and economic fairness, but he dropped out after finishing behind Joe Biden and Bernie Sanders in the South Carolina primary.In the years since, he has remained deeply involved in California politics. He spent more than $12m supporting the state’s recent redistricting measure and has championed legislation aimed at raising the tobacco tax, closing corporate tax loopholes, and funding healthcare programmes. His political résumé also includes leading statewide campaigns that target oil, tobacco and out-of-state corporations.
An agenda centred on affordability and reform
Announcing his candidacy, Steyer pledged sweeping reforms designed to ease the cost-of-living crisis gripping the state. He has promised to lower utility bills, build one million homes within four years, make pre-school and community college free, and ban corporate PAC money in California elections.“Californians deserve a life they can afford,” he said. “The people who make this state run are being run over by rising costs. It’s time corporations paid their fair share again.”
A crowded Democratic field – and rising Republican challenges
With Gavin Newsom unable to run again, the Democratic field is unusually packed. Contenders include former congresswoman Katie Porter, former US cabinet member Xavier Becerra, former Los Angeles mayor Antonio Villaraigosa, and former state controller Betty Yee. Congressman Eric Swalwell is also expected to join the race.Porter had previously been viewed as the frontrunner until a damaging video incident in October, after which Republican challenger Chad Bianco, the Riverside county sheriff, surged in polls. Another prominent Republican, former Fox News host Steve Hilton, is also in the running.
