Billionaire hedge fund founder Tom Steyer said he’s running to be the next governor of California, seeking to replace Gov. Gavin Newsom, whose second and final term ends in January 2027.
The 68-year-old Democrat is no stranger to politics. He ran a long-shot campaign for president in 2020, played a role in advocating for President Trump’s impeachment and spent millions to help pass California’s Proposition 50.
“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,” Mr. Steyer said in his campaign video on Wednesday. “They’re going to hate this. Bring it on.”
His campaign platform includes making California more affordable, such as by lowering electric bills, building 1 million new homes within four years and making preschool and community college free.
“Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living,” Mr. Steyer said. ” We need to get back to basics.”
He is joining a tightly packed race, as eight Democrats and two Republicans have already entered.
This includes former Rep. Katie Porter, Riverside County Sheriff Chad Bianco, former Fox News host Steve Hilton, real estate magnate 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.
Mr. Steyer founded one of the nation’s largest hedge funds, Farallon Capital Management, and left in 2012. The company’s investments may become a pressure point rivals use against him, such as with a coal mine in Australia that cleared thousands of acres of koala habitat.
The environmental activist said he regretted his involvement in such projects, which coaxed him to start fighting climate change.
