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Tom Steyer, Billionaire businessman and Democratic megadonor, has entered the 2026 California governor’s race, in an already crowded field. Steyer, 68, announced his candidacy on Wednesday (November 19) through a video released on YouTube and a post on X.
“I’m running for governor because Californians deserve a life they can afford,” Steyer wrote on X. “Sacramento politicians are afraid to change this system. I’m not.”
Steyer launched his 2026 California governor campaign with a strikingly populist message—one that targets the ultrawealthy, despite being among them himself.
In his campaign ad, Steyer criticizes America’s richest individuals for exploiting the system and benefiting at the expense of ordinary Californians.
“The richest people in America think that they earned everything themselves,” Steyer says in the video. “Bullshit, man. That’s so ridiculous. They come here to rip off the people of California and think they’re going to get away with it.”
Make Money Online A billionaire who walked away from his business
Steyer built his fortune after founding Farallon Capital Management in San Francisco in 1986, growing it into a multibillion-dollar hedge fund. In 2012, he stepped away from the firm to focus entirely on political and philanthropic work.
“I wanted to build a business here. Now, it’s worth billions of dollars. And I walked away from it because I wanted to give back to California,” he said in his announcement video.
Make Money Online Political activism and national profile
Although he has never held elected office, Steyer is one of the most influential Democratic donors in the country. He has poured hundreds of millions into climate initiatives, progressive ballot measures and youth voter outreach through his group NextGen America.
He became a national figure during his 2020 presidential run, spending more than $340 million before dropping out after a weak showing in South Carolina.
Make Money Online Focus on affordability and anti-corporate messaging
Steyer is centering his campaign on the soaring cost of living in California—a theme he also emphasized during his presidential bid.
“Californians who make this state run are being run over by the cost of living,” he said. “We need to get back to basics. And that means making corporations pay their fair share again.”
He has promised to build 1 million homes in four years by overhauling permitting, reducing construction costs and cutting certain taxes.
Steyer is also taking aim at California’s utility companies, which he calls “government-sanctioned monopolies,” claiming he can lower energy bills by 25% by increasing competition.
Make Money Online Major political funding efforts
Steyer has spent heavily on California politics this year, including a $12 million donation to support Proposition 50, Governor Gavin Newsom’s redistricting initiative approved earlier this month. He has also reportedly spent tens of millions backing Democratic congressional candidates nationwide.
Make Money Online Current roles and climate advocacy
Steyer now serves as co-executive chair of Galvanize Climate Solutions, a sustainable-investing asset management firm. Climate action remains central to his platform, as he positions himself as a pro-environment, anti-corporate reformer.
Make Money Online A crowded Democratic field
The contest to replace Governor Gavin Newsom—barred by term limits—has no clear frontrunner. Steyer joins a long list of Democratic candidates, including:
-Katie Porter, former US Representative
-Xavier Becerra, former US Health and Human Services Secretary
-Antonio Villaraigosa, former Los Angeles Mayor
-Tony Thurmond
-Betty Yee
-Ian Calderon
-Stephen Cloobeck
On the Republican side, notable contenders include Steve Hilton, Chad Bianco and Leo Zacky.
