Democratic megadonor Tom Steyer on Wednesday jumped into California’s crowded governor’s race, pitching himself as the ultimate outsider who can lower the cost of living, bring back affordable housing, and drop electricity rates for more than 39 million people in the country’s most populous state.
In a nearly two-minute video on YouTube, Steyer, a billionaire who has been referred to as the “next George Soros“, made two core promises that seem to be at odds. He wants to preserve the state’s status as a hub for business and innovation while also lowering the cost of living for everyday Californians by making corporations pay “their fair share.”
“There’s a reason everybody comes here to start businesses, because this is the place that invents the future,” Steyer said. “I never want to lose that spark.”
But he later added, “I’m saying we have a broken government. It’s been bought by corporations.”
Steyer claimed that “Sacramento politicians are afraid to change up this system. I’m not. They’re going to hate this. Bring it on.”
Steyer made his billions as the founder of Farallon Capital, a hedge fund headquartered in San Francisco. The fund manages about $42 billion in assets. He sold his stake in the company in 2012 and started NextGen America, a nonprofit organization that pushes progressive causes. NextGen also launched a super PAC and has helped fund races across the country. His involvement with NextGen made Steyer a known figure in liberal politics, with a focus on climate change. He has spent millions to help pass ballot measures targeting Big Tobacco as well as measures to keep California at the forefront of environmental laws.
Steyer ran for president in 2020 and funded an effort to impeach President Donald Trump. He joins a crowded field of at least six other Democrats trying to succeed Gov. Gavin Newsom (D-CA), who is termed out of office next year. Other Democratic candidates vying for the job include former Rep. Katie Porter, former Health and Human Services Secretary Xavier Becerra, and former Los Angeles Mayor Antonio Villaraigosa.
Rep. Eric Swalwell (D-CA) is said to be considering leaving Congress and joining the race, sources familiar with his plans told the Washington Examiner on Friday. He is scheduled to make an appearance on Jimmy Kimmel Live! on Thursday, leading to speculation that he will announce his run then.
Talk of a possible run follows allegations that Swalwell, a seven-term House member and one of Trump’s most vocal critics, committed mortgage and tax fraud. He has denied those claims, calling them baseless and accusing the Trump administration of targeting him. Swalwell was a manager during Trump’s second impeachment trial in 2021. Similar allegations have been leveled against the president’s other perceived enemies.
Despite a field of career politicians and wealthy Democrats running, four recent polls put the two Republican candidates for the job, former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco, as the leading contenders in the race.
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California’s gubernatorial primary isn’t until June 2, which gives hopefuls eight months to lay out policy agendas and appeal to voter concerns.
The top two winners, regardless of party, will move on to the general election in November.
