Tom Steyer Will Run for California Governor in 2026 Race | Tom Steyer, the billionaire Democratic…

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Tom Steyer, the billionaire Democratic activist, enters California governor’s race

Tom Steyer, the billionaire Democratic activist and former presidential candidate, became the latest contender Wednesday in the race to succeed California Gov. Gavin Newsom.

Steyer launched his campaign around the theme of affordability, echoing messaging that helped Democratic candidates win key races earlier this month, and taking on corporations.

“Californians deserve a life they can afford,” Steyer said in a statement. “But the Californians who make this state run are being run over by the cost of living. We need to get back to basics.”

The former hedge fund manager stirred speculation that he was considering a run last month when he committed $12 million to the campaign to boost Proposition 50, a ballot initiative passed this month that will allow California Democrats to redraw the state’s congressional map in their party’s favor.

Businessman Tom Steyer joins race for governor of California

Billionaire Tom Steyer is joining the race to become the next governor of California.

Steyer says he wants to take on the biggest problems facing the state: affordability.

"Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living. We need to get back to basics. And that means making corporations pay their fair share again," Steyer said in a campaign video released Wednesday morning.

Steyer is vowing to lower electricity rates, build more housing and make pre-school and community college free.

Steyer ran for president in 2020, but dropped out of the Democratic race in the primaries.

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