Tom Steyer, billionaire philanthropist and former 2020 presidential candidate, has entered the race for California governor. He frames his campaign around affordability — promising more affordable housing, lower energy prices and tougher rules for corporations. Steyer criticized wealthy elites and pledged to confront corporate influence in Sacramento. He previously self-funded his 2020 bid with more than $317 million and recently backed a Democratic redistricting measure.
Tom Steyer Announces Run for California Governor, Vows to Tackle Affordability and Corporate Influence
Tom Steyer, billionaire philanthropist and former 2020 presidential candidate, has entered the race for California governor. He frames his campaign around affordability — promising more affordable housing, lower energy prices and tougher rules for corporations. Steyer criticized wealthy elites and pledged to confront corporate influence in Sacramento. He previously self-funded his 2020 bid with more than $317 million and recently backed a Democratic redistricting measure.
11:01 PM, 11/19/2025Politics
Tom Steyer, the billionaire philanthropist and climate activist who mounted a self-funded bid for the 2020 Democratic presidential nomination, has announced he will run for governor of California.
Steyer joins a crowded field vying to succeed term-limited Gov. Gavin Newsom. Prominent Democrats already in the race include former U.S. Health and Human Services Secretary Xavier Becerra, former Rep. Katie Porter and former Los Angeles Mayor Antonio Villaraigosa. Notable Republicans weighing in include Riverside County Sheriff Chad Bianco and former Fox News host Steve Hilton.
In an announcement video posted to social media, Steyer launched a direct critique of the nation’s wealthiest people, saying some believe they "earned everything themselves." He positioned himself as a businessman who shifted his career toward activism to take on what he described as predatory out-of-state corporations, oil companies and tobacco interests.
"Californians deserve a life they can afford, but the Californians who make this state run are being run over by the cost of living," Steyer says in the video. He urged corporations to "pay their fair share again" and pledged to build more affordable housing and lower energy prices.
Steyer also accused corporate interests of buying influence in Sacramento. "We have a broken government, it's been bought by corporations — who do you think is going to change that? Sacramento politicians are afraid to change this system. I'm not," he said.
Steyer has been a visible figure in California politics for roughly a decade. After leaving a career in hedge funds, he founded a progressive nonprofit focused on climate mitigation and health-care reforms. He later spent heavily on national and state political causes — including more than $317 million of his own money on his 2020 presidential campaign, which he ended before Super Tuesday after failing to build sufficient voter support.
More recently, Steyer invested millions backing a Democratic-supported redistricting ballot measure in California. The state's nonpartisan primary system places all candidates on one ballot, with the top two vote-getters advancing to the general election, regardless of party.
The race for governor is expected to be competitive and closely watched: candidates will seek to address voters' top concerns, particularly housing affordability, rising energy costs and the perceived influence of large corporations in state government.