Billionaire businessman and activist Tom Steyer has announced his candidacy for California governor as a Democrat. At 68 years old, Steyer’s significant personal wealth makes him a notable contender in a crowded field.
He launched his campaign with a pledge to address economic issues and improve the cost of living for Californians, framing himself as an advocate for consumers and working-class voters. Steyer’s populist message aims to resonate with voters, emphasizing that the state’s essential workers are struggling with the high cost of living.
He plans to make corporations contribute more financially, referencing his past work on ballot initiatives that increased corporate taxes for energy improvements in schools and raised tobacco taxes for healthcare programs. He also actively opposed a 2010 initiative that would have weakened California's climate law.
His previous political endeavors include a self-financed presidential campaign in 2020, where he spent over $200 million without securing any delegates, and a prominent campaign advocating for President Trump’s impeachment. Steyer's substantial financial resources could prove advantageous in reaching voters across California's large population and numerous media markets, though past wealthy candidates have not always found electoral success in the state.
Steyer's entry into the gubernatorial race occurs as other Democratic candidates, such as Congresswoman Katie Porter, face scrutiny. Other potential contenders like former Los Angeles Mayor Antonio Villaraigosa and former U.S.
Health and Human Services Secretary Xavier Becerra are also in the running. While U.S.
Senator Alex Padilla has stated he will remain in the Senate and Vice President Kamala Harris has indicated no plans to run for governor, Steyer's candidacy adds another significant figure to the contest.
