Liberal billionaire Tom Steyer is running for governor of California

from Maya S. MillerCalMatters

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Tom StairThe billionaire climate activist and businessman, who ran unsuccessfully for president in 2020, is the latest Democrat to jump into California’s crowded gubernatorial field.

His two main promises — which may seem at odds — are to preserve the state’s status as a hub for business and innovation while lowering the cost of living in California by making corporations pay “their fair share,” he said in a video message.

Almost a two-minute film about the start of the campaignwhich interweaves elegant graphics with shots of chefs, farmers and production workers at work, encapsulates these dueling themes.

“There’s a reason everyone comes here to start a business — because this is the place that invents the future,” Steyer says at the start of the video. “I never want to lose that spark.”

Steyer made his fortune as the founder of Farallon Capital, a San Francisco-based hedge fund that currently manages about $42 billion in assets. After selling his stake in the company in 2012, Steyer launched NextGen America, a liberal nonprofit that supports progressive positions on issues such as climate change, immigration, health care and education. The group also launched a labor-focused super PAC to fund races across the country.

His activism through NextGen America has raised Steyer’s profile in recent years from little-known hedge fund manager to global climate activist and Republican opponent. He has spent millions to push progressive ballot measures comply with California environmental laws, raising taxes on tobacco to fund health care and get countries to invest in more renewable energy.

Gov. Gavin Newsom is leaving next year. At least six other Democrats are running to replace him, including former Congresswoman Katie Porter, former Health and Human Services Secretary Xavier Becerra and former Los Angeles Mayor Antonio Villaraigosa.

While the billionaire former CFO may be at odds with a party base hungry for a more comparable fighter, he’s trying to appeal to ordinary Californians by focusing on the issue most people say is their top priority: affordability.

“Californians who run this state are run over by the cost of living,” Steyer says later in the video. “Californians deserve a life they can afford.”

Steyer also promises to “launch the largest affordable housing initiative” in the state’s history, rein in monopolistic utilities that have driven up costs and “reduce our sky-high energy prices.”

Steyer’s nearly $13 million in advertising to support the Proposition 50The congressional redistricting plan that voters approved earlier this month in a special election has many California political insiders speculating that he will launch another run for governor.

He hinted at his gubernatorial ambitions when he released a controversial ad that, instead of amplifying the Yes on Prop. 50 campaign’s message to check the power of the Trump administration, touted his own calls to impeach and oppose President Donald Trump.

This article was originally published on CalMatters and is republished under Creative Commons Attribution-NonCommercial-No Derivatives license.