Billionaire environmental activist Tom Steyer has officially entered the race to become California's next governor, joining a crowded Democratic field seeking to replace the termed-out Gavin Newsom.
Steyer's Political Background and Platform
The 68-year-old former hedge fund manager, who previously sought the Democratic presidential nomination in 2020, announced his candidacy on Wednesday with a focus on what he termed California's "intractable affordability crisis."
Steyer declared: "Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living. We need to get back to basics. And that means making corporations pay their fair share again."
The prominent Democratic donor and climate activist founded NextGen America, a political action committee and non-profit organisation that has spent millions mobilising voters around climate change and reproductive rights issues.
The Competitive Democratic Field
Steyer joins several high-profile Democrats vying for the governor's mansion, including former congresswoman Katie Porter, former US cabinet member Xavier Becerra, and former LA mayor Antonio Villaraigosa. Betty Yee, who served as state controller from 2015 to 2023, has also entered the race, while Congressman Eric Swalwell is expected to announce his candidacy soon.
The race dynamics shifted significantly in October when video emerged showing Porter appearing frustrated with a journalist during an interview and threatening to walk out. Following this incident, Republican Chad Bianco, the Riverside county sheriff running for governor, took the lead in polling.
Steyer's Political Track Record
Despite dropping out of the 2020 presidential race after the South Carolina primary, where he finished behind Joe Biden and Bernie Sanders, Steyer has remained politically active. He recently spent more than $12 million supporting California's redistricting measure and has led campaigns for state legislation that raised tobacco taxes to fund healthcare programmes.
In his campaign announcement, Steyer highlighted his business background and advocacy 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. I've taken on out-of-state corporations that refused to pay their California taxes."
His gubernatorial platform includes ambitious proposals to lower utility costs, build one million homes within four years, make preschool and community college free, and ban corporate PAC money in state elections.
The California governor race is shaping up to be one of the most closely watched political contests in the United States, with Steyer's substantial personal wealth and established political network making him a significant contender in the Democratic primary.
