Tom Steyer, 68, a billionaire investor turned climate crusader, launched his campaign for California governor on November 19. He pledged to tackle affordability and rebalance corporate power in Sacramento.
Steyer struck a populist tone in his campaign announcement when he said, “Californians deserve a life they can afford … the Californians who make this state run are being run over by the cost of living.”
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Who is Tom Steyer?
Tom Steyer was born in New York City in 1957 and earned a B.A. from Yale University and an MBA from Stanford.
He made his fortune by founding Farallon Capital Management, a San Francisco-based hedge fund, and stepped away from active management in 2012 to focus on philanthropy and political activism.
After his exit from Wall Street, Steyer has used his resources for progressive causes. He co-founded NextGen America, an advocacy group mobilizing young voters around climate change, health care, immigration, and education.
{{/usCountry}}After his exit from Wall Street, Steyer has used his resources for progressive causes. He co-founded NextGen America, an advocacy group mobilizing young voters around climate change, health care, immigration, and education.
{{/usCountry}}Steyer also co-founded Benficial State Bank, a non-profit community development bank whose profits are reinvested into undeserved communities.
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Tom Steyer's family
Tom Steyer is married to Kathryn “Kat” Taylor. He has four children with her, namely Samuel, Charles (Gus), Evelyn and Henry.
His brother is Jim Steyer, an author, attorney, and social justice advocate who leads childhood-and technology-focused non-profit efforts.
After leaving Farallon, Steyer channeled his wealth into causes he calls yoking opportunity with responsibility. He built institutions that serve marginalized communities and support grassroots political efforts.
Tom Steyer's campaign proposal
Taking a page from New York City Mayor-elect Zohran Mamdani's book, Steyer vowed to make corporations “pay their fair share” again, promising sweeping reforms on taxes, housing and utilities.
His proposal has stated building 1 million affordable homes in four years by reforming permitting and cutting unnecessary tax burdens. Steyer has also vowed to reduce energy costs by increasing competition and breaking up utility monopolies.
In his campaign video, he denounced the ultra-wealthy for appropriating success while sidestepping responsibility, saying, “The richest people in America think that they earned everything themselves … That’s so ridiculous.”
The gubernatorial contest includes prominent Democrats like Katie Porter, Xavier Becerra, Antonio Villaraigosa, and Betty Yee, as well as Republicans such as Chad Bianco.