Billionaire climate activist Tom Steyer has officially joined the race for the 2026 California governor position and plans to launch his campaign post-election. His attempt at the Democratic presidential nomination in 2020 resulted in a personal wealth surge exceeding $252 million.
Mr. Steyer announced his candidacy through social media and campaign ads, ready to invest significantly in this new endeavor. He aims to address the state’s living costs, energy market, and housing supply.
In his first video, he revealed collaboration with Fight Agency, the same marketing group utilized by various progressive figures like New York City Mayor-elect Zoran Mamdani and Vermont Senator Bernie Sanders.
Throughout the ad, Mr. Steyer positions himself as a disruptor, seeking to challenge corporate power in California government. He stated, “This is disrupting the way people think, aiming for a different, improved outcome for Californians.” He also emphasized his activism and successful business journey, saying, “I’m Tom Steyer. I built a billion-dollar business here but chose to give back to California.”
His campaign ad lays out aggressive plans, promising to initiate “the largest movement for affordable housing in California’s history,” break utility monopolies to “reduce high energy costs,” and “ensure corporations pay their fair taxes.” He claimed responsibility for challenging major industries, adding, “I confronted out-of-state companies dodging California taxes, oil firms, and tobacco companies.”
Steyer’s gubernatorial campaign is backed by a long history of political engagement and financial support for Democratic causes. He funded the “Need to Impeach” movement against President Donald Trump and invested millions into climate change initiatives via his super PAC, NextGen America. While he identifies as an environmental advocate, his history with fossil fuel investments through his hedge fund, Farallon Capital, has drawn some criticism.
During the 2020 presidential primary, he heavily invested in early primary states, especially in South Carolina and Nevada, but struggled to gain voter support, facing backlash from certain demographics, including black voters in South Carolina. He finished third there with just over 11 percent of the vote before dropping out of the race.
Following his presidential run, he redirected funds to various Democratic initiatives. Recently, he contributed alongside other major donors, like George Soros, donating $12 million to back California Governor Gavin Newsom’s gerrymandering effort, Proposition 50. This contribution has rekindled conversations in California about Mr. Steyer’s political aspirations.
