Tom Steyer, the billionaire philanthropist and Democratic climate activist who unsuccessfully ran for president in 2020, is jumping into the crowded race to be the next governor of California.
Steyer joins a crowded and uncertain field vying to replace term-limited Democratic Gov. Gavin Newsom next fall. Prominent Democratic candidates include former federal Health and Human Services Secretary Xavier Becerra, former Rep. Katie Porter and former Los Angeles Mayor Antonio Villaraigosa, with other prominent candidates also musing about a potential bid.
Despite the state’s Democratic lean, some prominent Republicans are running too, including Riverside County Sheriff Chad Bianco and former Fox News host Steve Hilton.
In an announcement video posted to social media, Steyer directly attacks America's wealthiest people, who he says have the notion that "they earned everything themselves."
He frames himself as a successful businessman who pivoted his life's work toward taking on the "out-of-state corporations," the "oil companies," the "tobacco companies," and centered his pitch on affordability, a newly common refrain among Democrats looking to seize on the poor marks voters are giving Republicans, and President Donald Trump, on the economy.
"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 says in the video, calling on corporations to "pay their fair share again" and promising to build more affordable housing, lower energy prices and
"We have a broken government, it's been bought by corporations and my question is: Who do you think is going to change that?" he says, before adding: "Sacramento politicians are afraid to change this system. I'm not."
Steyer has been a prominent figure in California Democratic politics for about a decade, ever since he retired from his hedge fund career and launched a progressive nonprofit that advocated for things like mitigating climate change and improving health care. After playing footsie with the idea of running for elected office for years and making himself the face of an ad campaign about impeaching Trump during his first term, Steyer eventually ran for president in 2020. He seeded his campaign with more than $317 million but dropped out before Super Tuesday after struggling to turn those millions into votes.
He had been far less visible in the years since, but he spent millions supporting California's Democratic-backed redistricting ballot measure in recent months.
California holds nonpartisan primaries, in which every candidate runs on one ballot regardless of party and the top two candidates move onto a general election.
