Tom Steyer: The anti-billionaire movement’s favorite billionaire

Published April 24, 2026 2:00pm ET



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Our Revolution, the Bernie Sanders-founded activist group, is deeply committed to “fighting the oligarchy” by “eliminating corporate and billionaire influence in politics and supporting candidates who vow to get big money out of politics.” So deeply, in fact, that it recently backed billionaire hedge-fund mogul Tom Steyer for governor of California.

How does Our Revolution square its endorsement with its stated principles? It doesn’t. Marxists can rationalize any hypocrisy to attain power. After all, Steyer, who exhibits preternatural shamelessness and a pathological need for power, represents everything progressives pretend to detest.

It takes a special kind of gall to incessantly whine about “dark money” in public when you’re among the biggest “dark money” donors in the history of mankind. Steyer’s “dark money” efforts are only rivaled by the likes of George Soros, with whom he’s partnered on numerous occasions. Steyer created NextGen America and NextGen Climate Action, “dark money” groups that never disclosed donors and yet involve themselves in races across the country. Steyer has likely dropped hundreds of millions on an array of lefty activist groups and super PACs, even as he demands opposition PACs be banned.

Tom Steyer California Billionaire Wealth Leftism Liberals Taxes Governor
(Washington Examiner illustration; Getty Images)

Then again, what kind of unhinged egomaniac complains about the “influence of billionaires” in American politics when he’s spent more of his fortune on personal campaigns than any politician in American history. In 2020, Steyer dropped $345 million of his money into a vanity presidential bid, grabbing around 0.5% of the Democratic Party primary vote. Nearly 98% of Steyer’s campaign contributions in 2020 came from his biggest fan, Tom Steyer.

Steyer is now polling among the top candidates in the California gubernatorial race after creepy former congressional backbencher Eric Swalwell was forced to drop out after multiple accusations of rape and sexual assault emerged. Steyer’s real secret to success, though, is spending a record $115 million in ads for television, cable, and radio, nearly 30 times the amount anyone else has in the race. The candidate is on pace to beat the record for spending on a winning seat, owned by Gov. JB Pritzker (D-IL), who spent $171.5 million winning his gubernatorial race.

Unlike Our Revolution, I don’t see anything wrong with Americans making lots of money, keeping it, and spending it on whatever they desire. Unless that obscenely rich person is preaching about carbon footprints and “economic justice” and wants the state to deprive me of my air conditioning, cars, vacations, and other modern conveniences while he lives in a $40 million mansion in San Francisco’s Pacific Heights and flies private jets to his many homes around the world.

Steyer is a champion of Green New Deal authoritarianism. Climate change, he maintains, is an existential crisis and “threat multiplier” for all other global problems. When running for president in 2020, Steyer pledged to declare a “national climate emergency” on “Day 1,” which would have empowered the executive branch to control the entire economy. His plans included $2 trillion in clean energy subsidies and a ban on any new fossil fuel projects.

In that sense, Steyer is a good fit for California. Though the state would stand as the world’s fifth-largest economy, every few years, its governor is on television begging citizens to stop using their appliances, turn off their lights, and keep their thermostats at stifling temperatures to avoid more rolling blackouts like some third-world country. Gas prices in California are consistently the highest in the country, around 50%-60% above the national average.

Steyer wants to nationalize California policy. Why? “Climate is what matters most right now,” the billionaire said, “and nothing else comes close.”

Is there no one else to bring the Luddite agenda to the proles than Steyer, who invested hundreds of millions into new coal mines and coal-fired power plants in China and India? A New York Times story reports that Steyer’s coal investments were valued at over $2 billion in Indonesia and Australia, which he may or may not have divested from at this point.

According to analysts, Steyer’s investments help increase coal production by around 70 million tons in the countries where he invested. That meant around 256 million metric tons of carbon dioxide spewed into the air. Seems like a lot! Considering Sanders’s previous statements regarding climate crimes, you’d think he’d be demanding Steyer serve consecutive lifetime sentences at supermax rather than govern the largest state in the country.

Steyer has also snagged an endorsement from the powerful California Teachers Association for his “depth of commitment to educator unions we expect.” The billionaire has long opposed school choice for poor and middle-class students who want to escape California’s failing public schools. The state doesn’t discriminate in this regard. The quality of education has been dropping for black, Latino, white, poor, and middle-class students, and everyone else.

Well, not everyone. Steyer, like most wealthy progressives in urban areas, sent his kids to private school. In his case, a ritzy $50,000-per-year campus that features a 6-to-1 student-to-teacher ratio. Must be nice.

RURAL VIRGINIANS GOT FAIRFAXED

“Tax me more,” says the billionaire. “I’ve been saying it for a long time.” Surely Steyer knows that he can give his money to his church. Both the California and federal governments take donations. But voters might wonder why his investment firm parks money for clients in Cayman Islands-based funds to avoid taxation. One suspects investors are seeking out firms that promise to maximize their tax liabilities.

Steyer says that he’s changed his ugly capitalistic ways. But it’s the one and only reason anyone has heard of the billionaire’s fortune. And it’s also the reason Sanders and other socialists support him, though he allegedly represents all the things they abhor.