Tom Steyer Launches Campaign for California Governor
Billionaire entrepreneur and activist Tom Steyer, known for his previous unsuccessful presidential run and his efforts to impeach former President Donald Trump, is now vying for the position of governor in California as a Democrat.
At 68, Steyer’s substantial wealth positions him as a prominent figure in the all-party primary scheduled for June. The primary will include six Democrats and two Republicans, with the top two advancing to the general election in November to replace Gov. Gavin Newsom, who is term-limited.
Steyer made his announcement, highlighting his goals to enhance economic conditions and promoting himself as a defender of working-class voters, consumers, and the environment. “Californians deserve a life they can afford,” he stated in a video released Wednesday. He expressed concern over the high cost of living faced by residents.
This stance puts him at odds with other contenders, such as progressive Congresswoman Katie Porter and former Los Angeles Mayor Antonio Villaraigosa.
While Porter initially appeared to be the frontrunner, the race now seems competitive. Steyer’s financial resources could provide him with an advantage in reaching voters through advertising across California’s diverse media landscape.
However, wealth has not always guaranteed electoral success in the state. Notably, Carly Fiorina, a former Hewlett-Packard CEO, lost to Senator Barbara Boxer in 2010. Similarly, Meg Whitman, a former eBay CEO, spent over $100 million during her unsuccessful gubernatorial bid that same year.
On Wednesday, Steyer acknowledged his financial background, mentioning the billions generated by his business. Yet, he also adopted a populist tone, critiquing the notion that the wealthiest individuals earned everything solely through their efforts. “That’s so ridiculous,” he remarked, addressing the issue of corporate responsibility.
Steyer committed to ensuring corporations pay their fair share, referencing his previous initiatives aimed at voter mobilization and tax fairness. He was instrumental in a 2012 ballot measure that increased tax transparency for corporations, with funds allocated for energy improvements in public schools.
Among other initiatives, he championed a 2016 campaign that increased tobacco taxes to support state health programs. Additionally, he opposed a 2010 initiative that would have rolled back California’s landmark Clean Air and Climate Change Act, recognized as a national model for climate legislation.
Throughout Trump’s presidency, Steyer invested millions advocating for impeachment. He later entered the Democratic primary in 2020, though he spent about $200 million without securing significant delegate support, ultimately endorsing Joe Biden’s candidacy after being outperformed in early states.
Steyer’s campaign comes as some Democrats are starting to question Porter’s viability, particularly following a viral moment of tension between Porter and a journalist in October.
Steyer has frequently been mentioned as a potential candidate for various roles, including alongside figures like Kamala Harris and Senator Alex Padilla.
Harris, who is currently promoting her memoir related to the 2024 campaign, remains firm that she does not plan to enter the gubernatorial race, suggesting her future aspirations lie in seeking the presidency.
When asked about the governor’s race, she responded, “I’m going to vote,” emphasizing her desire for the Democratic Party to have the most capable candidates running. She stated she is not actively involved in the race.
Padilla has communicated his intention to continue serving in the Senate.
