Businessman Tom Steyer is entering the already crowded race for California governor in 2026.
Steyer announced his candidacy on Wednesday with a video posted to his YouTube channel.
“I’m Tom Steyer. 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,” Steyer said in the video.
The 68-year-old Democratic megadonor is no stranger to politics, despite never having held office.
Most recently, Steyer was one of the largest funders of the ad campaign in support of California’s Proposition 50.
Steyer also sought the Democratic nomination for president in the 2020 election. He qualified for several debates, but dropped out after the South Carolina primaries.
Like his presidential run, Steyer is entering the California governor’s race with a message that focuses on affordability.
“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,” Steyer said.
Forbes lists Steyer’s estimated net worth at $2 billion. He was the founder of Faralloon Capital Management, a hedge fund company, but stepped away in 2012 to focus on political and philanthropic work. Along with pouring millions into climate initiatives, Steyer founded NextGen America – a progressive political action committee.
Steyer is joining a crowded field of candidates seeking California’s top office, including Democrats Xavier Becerra, Ian Calderon, Stephen Cloobeck, Katie Porter, Tony Thurmond, Antonio Villaraigosa, and Betty Yee. Prominent Republicans running for the office include Chad Bianco, Steve Hilton, and Leo Zacky.
