Billionaire Climate Activist Tom Steyer Enters 2026 California Governor’s Race

Tom Steyer, the billionaire hedge fund investor who has made his name as a climate activist willing to put millions behind political causes, is entering the 2026 California governor’s race.

Steyer, 68, unsuccessfully ran for the Democratic nomination for president in 2020, dropping out in late February, ahead of Super Tuesday. But in California, he’s best known as an environmentalist and climate activist.

In 2013, he founded NextGen America, an organization dedicated to empowering young voters, and he has championed and funded several ballot measures targeting oil companies and the tobacco industry. He also spent $120 million on digital and TV ads in 2018 to push for President Donald Trump’s impeachment.

In a video announcing his bid, Steyer said he built a business worth billions of dollars, then walked away from it to give back to California.

If elected, he pledged to lower electric bills, build millions of new homes, make preschool and community college free and ban corporate PAC money in state elections. He also promised to raise taxes on corporations.

“Every day, I was judged by numbers. So let’s get down to brass tacks,” he said in the video. “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 made his fortune founding the San Francisco-based Farallon Capital, a hedge fund that manages money for university endowments, foundations and individuals. He and his wife signed the Giving Pledge in 2010, promising to donate half their fortune during their lifetimes.

Steyer enters a crowded field of better-known Democratic politicians, including former Orange County Rep. Katie Porter, former Attorney General Xavier Becerra, former Los Angeles Mayor Antonio Villaraigosa and former state Controller Betty Yee. The most high-profile Republicans running are Riverside County Sheriff Chad Bianco and political commentator Steve Hilton.

But the race remains wide open: a recent UC Berkeley poll showed more than a third of voters are undecided. That same survey found Steyer with just 1% support.