Billionaire hedge fund founder and environmental activist Tom Steyer has officially entered the 2026 California governor’s race, promising to take on corporate influence and make the state more affordable for working families.
Steyer announced his campaign in a video released Tuesday, saying he is ready to challenge a political system he claims has been “bought by corporations.”
In his announcement, Tom Steyer criticized rising living costs and vowed to “fix California’s broken government,” arguing that he is not beholden to special interests. At 68, Steyer brings decades of financial, political, and activist experience to what is already becoming a crowded and competitive race.
Steyer’s platform centers on building one million homes within four years, lowering energy bills by 25%, ending utility monopolies, and letting residents choose their own electricity providers. He also plans to make preschool and community college free and ban corporate contributions to political committees in California elections.
A former hedge fund leader and founder of Farallon Capital Management, Steyer has faced criticism for past investments in coal mining and migrant detention facilities. He has since expressed regret, saying those investments pushed him to leave the firm in 2012 and focus on climate activism.
Steyer previously ran for president in 2020, spending more than $342 million of his own money before exiting after the South Carolina primary. In recent years, he has become one of the state’s top progressive donors, backing ballot initiatives to raise tobacco taxes, close corporate tax loopholes, and strengthen environmental protections.
Now, Tom Steyer enters a 2026 governor’s field that includes former Congresswoman Katie Porter, Riverside County Sheriff Chad Bianco, former Fox News host Steve Hilton, and Democratic leaders such as Xavier Becerra, Antonio Villaraigosa, Tony Thurmond, and Betty Yee. Polls show most voters remain undecided, leaving the race wide open.
Steyer’s recent involvement in Proposition 50 — where he spent over $12 million promoting the successful redistricting measure — has boosted his visibility heading into the campaign.
Political analysts say he must balance his fiery anti-corporate messaging with a calmer tone to appeal to a broader base of California voters.
With California’s median home price projected to reach $905,000 by 2026, Steyer argues the state cannot wait any longer for bold solutions. “Californians deserve a life they can afford,” he said. “We need to get back to basics.”