Sacramento, California — Liberal billionaire and climate activist Tom Steyer has officially entered the 2026 California governor’s race, positioning himself as both a champion of business innovation and an advocate for lowering the state’s high cost of living, according to reporting from CalMatters. Steyer, who previously ran for president in 2020, released a two-minute launch video highlighting his dual message: maintaining California’s status as a global innovation hub while requiring corporations to “pay their fair share.”
Steyer made his fortune as founder of Farallon Capital, a San Francisco–based hedge fund managing tens of billions in assets. After selling his stake in 2012, he founded NextGen America, a progressive organization focused on climate change, immigration, education, and health care. Through the group, he has poured millions into ballot initiatives and Democratic campaigns, becoming one of the most visible financial opponents of Donald Trump, including spending $13 million on ads promoting Proposition 50 earlier this year.
In his announcement, Steyer pledged to tackle California’s affordability crisis, promising the “largest drive to build homes you can afford” in state history, stronger oversight of utilities, and efforts to reduce energy prices. He argued that working families “are being run over by the cost of living” and deserve tangible relief.
Steyer joins an already crowded Democratic field seeking to replace term-limited Gov. Gavin Newsom. Other candidates include former Rep. Katie Porter, former HHS Secretary Xavier Becerra, and former Los Angeles Mayor Antonio Villaraigosa.
California’s economic direction and housing challenges are expected to dominate the race as voters weigh competing visions from high-profile Democratic contenders.
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