Tom Steyer, a billionaire businessman and Democratic megadonor, has entered the 2026 California governor’s race in an already crowded field. Steyer, 68, announced his candidacy Wednesday (Nov. 19) via a video posted 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 campaign for governor of California with a strikingly populist message that targets the ultra-rich, despite being one of them himself.
In his campaign ad, Steyer criticizes America’s wealthiest individuals for exploiting the system and benefiting at the expense of ordinary Californians.
“The richest people in America think they earned it all themselves,” Steyer says in the video. “Bullshit, man. This is so ridiculous. They come here to rip off people from California and they think they can get away with it.”
A billionaire who retired from his business
Steyer built his fortune after founding Farallon Capital Management in San Francisco in 1986 and growing it into a multibillion dollar hedge fund. He left the firm in 2012 to focus fully 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.
Political activism and national profile
Although Steyer has never held elected office, he is one of the most influential Democratic donors in the country. Through his NextGen America group, he has poured hundreds of millions into climate initiatives, progressive ballot measures and reaching young voters.
He became a national figure during his 2020 presidential bid, spending more than $340 million before dropping out after a poor showing in South Carolina.
Focus on affordability and anti-corporate messaging
Steyer is centering his campaign on the skyrocketing cost of living in California, an issue he also highlighted during his presidential bid.
“Californians who run this state are driven 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 promised to build 1 million homes over four years by revising permits, reducing building costs and cutting some taxes.
Steyer also targets California’s energy companies, which he calls “government-sanctioned monopolies” and says he can cut energy bills by 25% by increasing competition.
Major political effort for funding
Steyer has spent heavily on California politics this year, including a $12 million donation to support Proposition 50, Gov. Gavin Newsom’s redistricting initiative passed earlier this month. He also reportedly spent tens of millions supporting Democratic congressional candidates across the country.
Current roles and climate advocacy
Steyer now serves as co-executive chairman of Galvanize Climate Solutions, a sustainable investment management company. Climate action remains central to his platform as he positions himself as a pro-environment, anti-corporate reformer.
A crowded Democratic field
The term-limited race to replace Gov. Gavin Newsom has no clear front-runner. Steyer joins a long list of Democratic candidates including:
-Katie Porter, former US representative
-Xavier Becerra, former US Secretary of Health and Human Services
-Antonio Villaraigosa, former mayor of Los Angeles
On the Republican side, notable contenders include Steve Hilton, Chad Bianco and Leo Zacky.
Read also | Gavin Newsom’s Team Trolls Trump With Epstein Back
