Tom Steyer, a wealthy donor and environmental advocate, who previously ran unsuccessfully for the presidency in 2020, has joined the competitive contest to become California’s next Governor.

The field also includes eight additional Democrats and two Republicans, with more candidates anticipated to declare their intentions shortly. However, the election currently lacks an obvious favorite, as term limits prevent Newsom from seeking re-election, and both former Vice President Kamala Harris and Sen. Alex Padilla have stated they will not participate.

Steyer launched his campaign on Tuesday, focusing his platform on the issue of affordability. 

In his campaign video, the 68-year-old Democrat asserted, “Californians are entitled to an affordable existence, yet the very individuals who sustain this state are being overwhelmed by living expenses.” He further pledged to compel corporations to “contribute equitably” and to “initiate the most extensive program for constructing affordable housing in California’s history.”

He stated, “Lawmakers in Sacramento are hesitant to reform this system. I am not.”

Steyer, with an estimated net worth of approximately $2 billion, accumulated his wealth as the creator of a San Francisco-based hedge fund. He divested his holdings in 2012, subsequently dedicating his energy—and substantial financial contributions—to political engagement and advocacy. 

Below is an overview of him and the other contenders in the Golden State’s gubernatorial election scheduled for next year.

He Contested the Presidency in 2020

Steyer’s attempt to become governor marks another significant electoral endeavor for him. 

The ex-hedge fund executive sought the presidency in 2020, securing the third position in South Carolina’s Democratic primary, behind President Joe Biden and Sen. Bernie Sanders. 

He predominantly financed his own campaign, channeling significant funds from his personal resources into the endeavor. He may once more leverage his substantial assets for his California gubernatorial campaign to bolster his treasury and mitigate any potential drawbacks stemming from his delayed entry into the contest.

Nevertheless, his personal capital alone proved insufficient to secure his victory in 2020; he eventually withdrew from the race prior to Super Tuesday, having been unable to convert his financial outlays into widespread voter endorsement. 

He is a Major Democratic Contributor

Steyer has also channeled millions into Democratic political efforts beyond his own electoral pursuits. In his book Cheaper, Better, Faster, published last spring, he mentioned contributing “over a quarter of a billion dollars to Democratic campaigns and initiatives, surpassing any other individual.”

During 2016, Steyer allocated over $11 million to a California ballot initiative aimed at increasing the cigarette tax to finance healthcare programs. He has also provided millions more in donations to protect a state .

Nationally, Steyer initiated a “Need to Impeach” campaign during President Donald Trump’s initial term, investing $20 million into it. The advertisements he funded for this campaign encouraged Americans to sign a petition advocating for the House to .

“The reality is that this President has acted unlawfully both during his campaign and throughout his presidency, posing an immediate danger to the American populace,” Steyer remarked in an at that time. 

More recently, Steyer expended $12 million on advertisements backing Gov. Gavin Newsom and California Democrats’ , which, with voter consent, reconfigured the state’s congressional districts in a move to counteract Trump and Republicans’ attempts to gerrymander maps in other states to benefit the GOP. 

He is a Prominent Philanthropist and Advocate

Steyer’s engagement in philanthropic endeavors and activism predates his departure from his hedge fund, which he left to commit himself more completely to these activities.

In 2007, he and his spouse, Kat Taylor, established Beneficial State Bank, a not-for-profit community development bank that extends credit to small enterprises and reinvests its earnings into the communities it aids. 

In 2013, Steyer founded an organization initially known as NextGen Climate, which has since as NextGen America—a non-profit promoting progressive solutions for climate change, immigration, healthcare, and education.

Steyer has also sponsored a program called , which provides farm-to-table meals to children in schools across the state.

Other Candidates in the Election?

Noteworthy Democrats vying to replace Newsom include ex-California congresswoman Katie Porter; former Health and Human Services Secretary Xavier Becerra; former Los Angeles Mayor Antonio Villaraigosa; and Betty Yee, who served as the state controller from 2015 to 2023.

Stephen , a property developer, is the other Democratic billionaire seeking the governorship; he has thus far invested $13 million into his campaign.

Conversely, the Republican contenders are Steve Hilton, a former Fox News personality, and Chad Bianco, who serves as the sheriff for Riverside County. 

With slightly more than six months remaining until the June primary, no single candidate has accumulated sufficient backing to be recognized as the clear leader. A recent survey conducted by the Institute of Governmental Studies at the University of California, Berkeley, indicated that 44% of registered voters had not yet decided whom to support. 

The survey, carried out in late October, revealed Steyer garnering 1% support.