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For those concerned On the influence of big tech companies and billionaires on California’s future, Tom Steyer Seems like an obvious choice. A billionaire who made his fortune after founding Farallon Capital Management, one of the world’s largest hedge funds, Steyer resigned from the firm in 2012 and turned to philanthropy, political advocacy and climate activism, among other activities. He is now competing for office among a group of Democratic and Republican candidates looking to advance from the June primary and then win the governorship of California next November.
Ahead of the midterms, I’m talking to candidates relevant to WIRED’s interests: a few weeks ago I spoke with Alex Burriscandidate for New York’s 12th congressional district, whose history as a Palantir The employee and his stance on AI regulation have drawn the ire of Silicon Valley-backed super PACs.
Steyer felt like the next obvious choice for the conversation: He’s running to lead a state where issues like artificial intelligence, immigration enforcement, and climate change, among other core WIRED topics, are paramount. Steyer’s position in the race is also unique. He’s been branded a “class traitor” as he has outwardly shunned fellow elites, expressed support for California’s controversial billionaire tax law — which has seen everyone from Sergey Brin to Peter Thiel either move to the state or threaten to flee it — and campaigned aggressively on affordability, climate policy, and the promise that he is immune to corporate influence. (As a billionaire who spent more than $130 million on his gubernatorial campaign, I certainly hope he does.)
As I said, for some Democratic voters, Tom Steyer seems to check a lot of boxes. Then he starts talking.
Steyer is adept, as politicians usually are, at sticking to limits. But the dividing line in politics in general and in California in particular seems to be the problem: Steyer, or whoever is elected governor next November, will be too thin. Tax California’s billionaires without alienating them Control the state’s AI development without stifling it (or, again, alienating the billionaires who are building it).
I can sense Steyer’s reluctance to get down too hard or delve into the issues, perhaps to avoid alienating any potential voting bloc. Which got me wondering: Could Tom Steyer be a pro-billionaire governor who also taxes them heavily? Can he talk about “amazing” progress in AI while working to undermine the industry? Could he know the name of WIRED’s global managing editor (me) before interviewing him?
The third question is answered in the interview. Both of the above would be formidable challenges for anyone elected governor of California, and I did not leave our conversation convinced that Steyer’s position was particularly coherent. The California Governor’s minimum requirement may be the ability to use Google.
This interview has been edited for length and clarity.
Katie Drummond: Hi Tom, thanks for joining us The big interview.
Tom Steyer: Kate (sic), thanks for having me.
So you are a billionaire. You’ve made your money in the world of hedge funds. But now, in the last decade and beyond, I’ve become a climate activist. Tell us about this transformation?
When I was growing up, when I had free time, whether from school or work, I tried to go to wild places and get outdoor jobs. I worked as a farm worker, picking fruit. Before I went to business school, I spent a summer in Alaska, and I went to Alaska because I wanted to see what North America looked like before the Europeans showed up.
I wanted to see animals, I wanted to see birds, I wanted to see fish, I wanted to look at Denali. I wanted to see what vast, untracked, rich and fertile North America looked like.
