Billionaire businessman and prominent Democratic donor Tom Steyer has officially launched his campaign for California governor in the 2026 election, joining an increasingly crowded field of candidates. The 68-year-old political activist announced his candidacy on Wednesday, November 19, through a video released on YouTube and a social media post on X platform.
Populist Platform Targets Wealthy Elite
Steyer's campaign launch featured strikingly populist rhetoric that directly targets America's ultra-wealthy class, despite his own status as a billionaire. In his campaign announcement video, Steyer delivered blunt criticism against the richest individuals in America, accusing them of exploiting the system at the expense of ordinary Californians.
"The richest people in America think that they earned everything themselves," Steyer declared 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."
Steyer framed his campaign around affordability concerns, writing on X: "I'm running for governor because Californians deserve a life they can afford. Sacramento politicians are afraid to change this system. I'm not."
From Hedge Fund Billionaire to Political Activist
Steyer built his substantial fortune after founding Farallon Capital Management in San Francisco in 1986, growing the hedge fund into a multibillion-dollar enterprise. In a significant career shift, he stepped away from the firm in 2012 to focus entirely on political and philanthropic endeavors.
"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 explained in his announcement video, highlighting his transition from business to public service.
Despite never holding elected office, Steyer has established himself as one of the most influential Democratic donors nationwide. Through his organization NextGen America, he has invested hundreds of millions into climate initiatives, progressive ballot measures, and youth voter outreach programs.
Affordability Crisis Takes Center Stage
The billionaire-turned-politician is centering his gubernatorial campaign on addressing California's soaring cost of living, a theme he previously emphasized during his 2020 presidential bid. Steyer has positioned himself as a pro-environment, anti-corporate reformer who will challenge established interests.
"Californians who make this state run are being run over by the cost of living," he stated, adding, "We need to get back to basics. And that means making corporations pay their fair share again."
Steyer has made several specific policy commitments, including a promise to build one million homes within four years by overhauling permitting processes, reducing construction costs, and cutting certain taxes. He's also targeting California's utility companies, which he describes as "government-sanctioned monopolies," claiming he can lower energy bills by 25% through increased competition.
Crowded Field Awaits 2026 Election
The race to replace current Governor Gavin Newsom, who is barred by term limits, features no clear frontrunner. Steyer joins a substantial list of Democratic contenders that includes:
- 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 candidates include Steve Hilton, Chad Bianco, and Leo Zacky, though California's strongly Democratic lean gives Steyer and his Democratic rivals a significant advantage.
Steyer's political influence remains substantial, evidenced by his recent $12 million donation to support Proposition 50, Governor Newsom's redistricting initiative that voters approved earlier this month. He has also reportedly spent tens of millions backing Democratic congressional candidates across the country.
Currently serving as co-executive chair of Galvanize Climate Solutions, a sustainable-investing asset management firm, Steyer continues to prioritize climate action as a central component of his political platform while maintaining his anti-corporate messaging.
