Billionaire Tom Steyer announced his campaign for governor of California on Wednesday, launching a bid that is almost certain to make the race more expensive, with an ad focused on his plans to make the state more affordable.
Steyer, a former San Francisco hedge fund manager who has never held political office, has for years used his wealth to fund his political activism. He spent millions on ads calling on the House to impeach Donald Trump during his first presidential term. He also launched a 2020 Democratic presidential bid, staking his candidacy on addressing the impacts of climate change, but dropped out after spending more than $260 million of his own money on the race.
Steyer, who has committed to giving away the vast majority of his money during his lifetime, has also spent heavily on ballot measures and campaigns, most recently funding ads in support of Proposition 50 in California — a ballot measure crafted by state Democrats to counter Trump’s push to redistrict states in favor of Republicans.
Unlike the emphasis on climate change during his 2020 run, this time around, Steyer’s campaign messaging is largely focused on affordability — a topic that has been top-of-mind for both Republicans and Democrats following the recent sweep of off-year election wins by Democrats who embraced the issue during their runs.
“Californians deserve a life they can afford, but the Californians who make this state run are being run over by the cost of living,” Steyer said in the ad launching his gubernatorial campaign. “We need to get back to basics, and that means making corporations pay their fair share again.”
In the ad, Steyer outlines a platform for his campaign, pledging to launch the “largest” drive to build affordable homes “in the history of California” and vowing to “break up the monopolistic power of utilities” to lower energy prices.
Steyer is joining a crowded race to replace Gov. Gavin Newsom (D), who cannot seek reelection because of term limits.
While some prominent Democratic names, such as Sen. Alex Padilla (California) and former vice president Kamala Harris, have declined to run for the seat, there are several others vying for the position.
They include former Democratic congresswoman Katie Porter, former Los Angeles mayor Antonio Villaraigosa and former health and human services secretary Xavier Becerra. Republicans in the running for governor include Steve Hilton, a former Fox News host; and Chad Bianco, the sheriff of Riverside County.
California has a history of wealthy candidates from the business world spending heavily on their campaigns but coming up short in elections.
Al Checchi, a former Northwest Airlines chairman, spent $40 million in the 1998 California governor’s race, which at the time set a record. He attained only 12 percent of the vote in the Democratic primary. Former eBay CEO Meg Whitman shattered political spending records during her run for governor in 2010, spending more than $140 million on the bid but losing to former governor Jerry Brown.
Steyer’s 2020 campaign fueled debate about the ability of billionaire candidates to boost their profiles through lavish spending. He was one of two wealthy Democrats that year to run in the primary, the other being former New York mayor Mike Bloomberg.
During the 2020 race, Steyer saturated airwaves in South Carolina with ads, betting his candidacy on a strong finish in the state. Despite going all in on the South Carolina primary — in one of his last events as a candidate, Steyer was seen dancing onstage to rapper Juvenile’s “Back That Azz Up” to rally the vote in Columbia — he ended up coming in a disappointing third place and dropped out of the race afterward.
Amy B Wang and Karen Tumulty contributed to this report.
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