Billionaire businessman and environmental activist Tom Steyer has officially launched his campaign for California governor, joining a crowded field of Democrats and Republicans aiming to succeed term-limited Gov. Gavin Newsom.
The 68-year-old Steyer is perhaps best known for his 2020 run for the Democratic presidential nomination, as well as for self-financing political efforts, including a campaign to impeach President Donald Trump during his first term in 2019.
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Steyer announced his candidacy with a focus on affordability and economic fairness. "Californians deserve a life they can afford," he said in a campaign video. "But the Californians who make this state run are being run over by the cost of living. We need to get back to basics. And that means making corporations pay their fair share again."
A Populist Message from a Billionaire
Despite his wealth, Steyer is framing his campaign around populist themes. He highlighted his past work on ballot initiatives that raised taxes on tobacco and closed corporate tax loopholes, using the revenue to fund public schools and healthcare programs. "The richest people in America think that they earned everything themselves," Steyer said. "That's so ridiculous."
His platform focuses on tackling California's high housing and utility costs, strengthening public schools, and limiting corporate influence in politics. According to his campaign website, as governor, Steyer would make corporations pay their fair share and direct that money to public schools, launch the largest effort in state history to build homes that California families can afford, break up utility monopolies to reduce electric bills, and ban corporate PAC money from state elections.
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The Crowded Democratic Field
Steyer faces significant competition from other Democrats, including former U.S. Rep. Katie Porter, former Los Angeles Mayor Antonio Villaraigosa, and former U.S. Health and Human Services Secretary Xavier Becerra, according to media reports. Other Democratic hopefuls include former state controller Betty Yee, California schools superintendent Tony Thurmond, and Congressman Eric Swalwell.
The Democratic primary is expected to be highly competitive. With so many candidates, the top two vote-getters will advance to the November general election regardless of party, meaning candidates could advance with just over 20% of the vote, according to the Associated Press.
"It's a five-way, six-way jump ball and that ball could go in any direction," Democratic consultant Michael Trujillo told AP. "Any one of these Democrats running currently could be our next governor."
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Challenges and Controversies
Steyer's wealth is likely to be both an asset and a point of scrutiny. Previous billionaire candidates in California, such as Carly Fiorina and Meg Whitman, spent hundreds of millions on campaigns but did not secure statewide office. Some rivals are already framing Steyer's fortune as a potential liability.
"Tom Steyer tried to buy the presidency — and he failed," Yee told AP. "The California governorship is not going to be his consolation prize."
What's Next
With the primary set for June 2, candidates are beginning the first steps to qualify for the ballot. Newsom has not endorsed a successor, leaving the field wide open. The governor's post carries a $242,000 salary but also a national platform, giving the eventual winner influence on issues from trade to climate policy.
For now, Steyer is using his combination of wealth, activism, and past political experience in an effort to give him an edge in a state grappling with affordability, housing, and utility challenges.
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