Billionaire hedge fund founder Tom Steyer announced Wednesday that he is running for governor of California, arguing that he is not beholden to special interests and can take on corporations that are making life unaffordable in the state.
“The richest people in America think that they earned everything themselves. Bulls—, man. That’s so ridiculous,” Steyer said in an online video announcing his campaign. “We have a broken government. It’s been bought by corporations and my question is: Who do you think is going to change that? Sacramento politicians are afraid to change up this system. I’m not. They’re going to hate this. Bring it on.”
Steyer, 68, founded Farallon Capital Management, one of the nation’s largest hedge funds, and left it in 2012 after 26 years. Since his departure, he has become a global environmental activist and a major donor to Democratic candidates and causes.
But the hedge firm’s investments — notably a giant coal mine in Australia that cleared 3,700 acres of koala habitat and a company that runs migrant detention centers on the U.S.-Mexico border for U.S. Immigration and Customs Enforcement — will make him susceptible to political attack by his gubernatorial rivals.
Steyer has expressed regret for his involvement in such projects, saying it was why he left Farallon and started focusing his energy on fighting climate change.
Steyer previously flirted with running for governor and the U.S. Senate but decided against it, instead opting to run for president in 2020. He dropped out after spending nearly $342 million on his campaign, which gained little traction before he ended his run after the South Carolina primary.
Next year’s gubernatorial race is in flux, after former Vice President Kamala Harris and Sen. Alex Padilla decided not to run and Proposition 50, the successful Democratic effort to redraw congressional districts, consumed all of the political oxygen during an off-year election.
Most voters are undecided about who they would like to replace Gov. Gavin Newsom, who cannot run for reelection because of term limits, according to a poll released this month by the UC Berkeley Institute of Governmental Studies and co-sponsored by The Times. Steyer had the support of 1% of voters in the survey.
In recent years, Steyer has been a longtime benefactor of progressive causes, most recently spending $12 million to support the redistricting ballot measure. But when he was the focus of one of the ads, rumors spiraled that he was considering a run for governor.
In prior California ballot initiatives, Steyer successfully supported efforts to close a corporate tax loophole and to raise tobacco taxes, and fought oil-industry-backed efforts to roll back environmental law.
His campaign platform is to build 1 million homes in four years, lower energy costs by ending monopolies, make preschool and community college free and ban corporate contributions to political action committees in California elections.
Steyer’s brother Jim, the leader of Common Sense Media, and former Biden administration U.S. Surgeon General Vivek Murthy are aiming to put an initiative on next year’s ballot to protect children from social media, specifically the chatbots that have been accused of prompting young people to kill themselves. Newsom recently vetoed a bill aimed at addressing this artificial intelligence issue.
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