Billionaire and climate activist Tom Steyer has officially jumped into the 2026 race for California governor. This move comes after his costly run for the Democratic presidential nomination in 2020, during which he spent over $252 million of his own money but failed to gain significant support.
Steyer announced his campaign on social media with a bold message. He wants to tackle some of California’s biggest challenges, including the high cost of living, soaring energy prices, and the shortage of affordable housing. In his announcement, he said, “Californians deserve a life they can afford,” and criticized Sacramento’s politicians for being unwilling to make real changes.
He is working with Fight Agency, a political ad firm known for supporting well-known progressive candidates like New York City’s Mayor-Elect Zohran Mamdani and Vermont Senator Bernie Sanders. Steyer’s campaign ad paints him as a disruptor ready to shake up the way things have long been done in California politics, especially by challenging what he sees as too much corporate influence.
Steyer highlights his background as a businessman who built a multi-billion-dollar company before stepping away to focus on giving back to California. His campaign promises include launching the biggest push ever to build affordable homes across the state, breaking up utility monopolies to bring down energy bills, and making sure corporations pay their fair share in taxes. He also points to his past efforts taking on big industries like oil and tobacco companies.
His campaign isn’t just about promises; it follows years of political involvement and donations to Democratic causes. Steyer has supported movements like "Need to Impeach," aimed at former President Donald Trump, and poured millions into climate change campaigns through his super PAC, NextGen America. However, some critics have pointed out his past investments in fossil fuel companies through his hedge fund, Farallon Capital.
During his 2020 presidential run, Steyer focused heavily on early primary states such as South Carolina and Nevada but struggled to win over key groups of voters, including Black voters in South Carolina. He ended his campaign after placing third in South Carolina with just over 11% of the vote and failed to secure any delegates.
More recently, Steyer has remained active in California politics. He gave $12 million to support Governor Gavin Newsom’s Proposition 50, a gerrymandering effort, alongside donors like George Soros. His campaign slogan, “Stick It to Trump,” sparked talk that this run for governor had been building for some time.
As Steyer begins his bid for governor, many will be watching to see if his deep pockets and activist background can finally translate into electoral success in California.
