Tom Steyer announces his candidacy
Billionaire hedge fund founder Tom Steyer has declared his intention to run for governor of California, aiming to succeed Governor Gavin Newsom, whose second and final term concludes in January 2027.
The 68-year-old Democrat is familiar with the political landscape. He previously mounted a long-shot presidential campaign in 2020, was active in advocating for the impeachment of former President Trump, and invested heavily in supporting California’s Proposition 50.
In a campaign video released on Wednesday, Steyer criticized the current state of government: “We have a broken government. It’s been bought by corporations, and my question is: Who do you think is going to change that? Sacramento politicians are afraid to change up this system. I’m not,” he stated. “They’re going to hate this. Bring it on.”
Steyer’s platform focuses on making life more affordable for Californians. His proposals include reducing electric bills, constructing one million new homes within four years, and providing free preschool and community college education.
“Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living,” he emphasized. “We need to get back to basics.”
Steyer enters a competitive field with eight Democrats and two Republicans already in the race.
This list includes notable figures such as former Representative Katie Porter, Riverside County Sheriff Chad Bianco, former Fox News host Steve Hilton, real estate mogul Stephen Cloobeck, former Health and Human Services Secretary Xavier Becerra, State Superintendent of Public Instruction Tony Thurmond, former Los Angeles Mayor Antonio Villaraigosa, and former State Controller Betty Yee.
Steyer founded Farallon Capital Management, one of the largest hedge funds in the United States, before stepping down in 2012. His past investments may become points of contention during his campaign; notably, he faced criticism for involvement with a coal mine project in Australia that destroyed significant koala habitat.
The environmental activist has expressed regret over such projects and has since dedicated himself to combating climate change.
