Tom Steyer, the billionaire environmental activist, former hedge fund manager and 2020 Democratic presidential candidate, is joining the already crowded race for California governor.
Steyer is positioning himself as an outsider ready to break up corporate influence and fight big businesses. He focused his launch message on affordability — the issue many Democrats credit for wins in elections across the country earlier this month.
“Californians deserve a life they can afford, but the Californians who make this state run are being run over by the cost of living,” Steyer said in his campaign launch video.
Eight Democrats and two Republicans have already entered the race to replace Gov. Gavin Newsom, who is term-limited from running for reelection. But Steyer, 68, could benefit from being able to self-fund his campaign. Steyer spent nearly $200 million in his failed presidential campaign.
Forbes estimates Steyer’s net worth to be $2 billion, and he has been an active funder for Democratic causes, spending $12 million in advertising supporting the state’s redistricting proposition and $65 million supporting various Democratic candidates in 2016. He also funded a campaign to impeach President Donald Trump in 2017.
Although much of Steyer’s previous political ventures were related to environmental issues, his announcement on Wednesday focused on affordability in the country’s least affordable state. Steyer said that he would launch the largest effort to build affordable housing in the state’s history if elected.
“I’ve spent the past decade fighting for economic fairness and climate justice,” Steyer said. “Now I’m ready to take that fight to the governor’s office.”
Other notable Democratic candidates include the former mayor of Los Angeles, Antonio Villaraigosa, former Rep. Katie Porter and Xavier Becerra, the secretary of Health and Human Services under former President Joe Biden. Billionaire real estate developer Stephen Cloobeck is also running as a Democrat.
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