Lead: Tom Steyer, the 68-year-old billionaire activist and former 2020 presidential candidate, announced Wednesday that he will seek the Democratic nomination for California governor. He launched his bid in a video pledge to ease the state’s high cost of living and to press corporations to pay more in taxes. The entry makes Steyer an immediate heavyweight in a crowded all-party June primary, where the top two finishers advance to the November general election to replace term-limited Gov. Gavin Newsom. His campaign pairs populist messaging with deep personal resources, setting up a contest with several high-profile Democrats and two Republicans.
Key Takeaways
- Tom Steyer, 68, declared his run on Wednesday, positioning himself as a Democrat focused on affordability and corporate accountability.
- California’s June all-party primary advances the top two vote-getters to a November general election to succeed term-limited Gov. Gavin Newsom.
- Steyer’s personal wealth has financed prior initiatives and a 2020 presidential bid in which he spent more than $200 million of his own money.
- The field includes prominent Democrats such as Rep. Katie Porter, former LA Mayor Antonio Villaraigosa, and former HHS Secretary Xavier Becerra.
- California has nearly 40 million residents spread across multiple media markets, making paid advertising a costly but potentially decisive tool.
- Past high-dollar self-funded efforts have not guaranteed victory: Meg Whitman spent more than $100 million in her 2010 governor bid and lost; Carly Fiorina failed to unseat Sen. Barbara Boxer in 2010.
- Steyer cites earlier ballot work — a 2012 corporate tax-related measure, a 2016 $2-per-pack tobacco tax, and opposition to a 2010 rollback of clean-air rules — as evidence of his policy priorities.
Background
Steyer has been an active political funder and campaigner for more than a decade, using personal resources to back ballot measures and national advocacy campaigns. He helped craft and fund a 2012 ballot initiative that tightened corporate tax avoidance rules and directed new revenue toward energy upgrades in public schools. In 2016 he supported a $2-per-pack tobacco tax designed to fund health programs and prevention efforts.
His public profile rose further during Donald Trump’s first term when he spent millions campaigning for the president’s impeachment and promoting climate legislation. In 2019–20 Steyer ran for the Democratic presidential nomination, spending over $200 million but failing to win pledged delegates; he ultimately left the race after weak showings in early contests. Those past efforts established Steyer as both a major donor and a political actor who blends philanthropic, issue-oriented work with electoral ambitions.
Main Event
Steyer announced his governor bid in a short campaign video released Wednesday, opening with a claim that “Californians deserve a life they can afford” and framing his campaign around rising living costs. He emphasized his business success—saying his enterprises had produced “billions of dollars”—while adopting populist language that criticized the belief that the wealthy earned everything on their own.
The entry expands an already crowded field for California’s open seat. Democrats in the race include Rep. Katie Porter, who had been viewed as a frontrunner at one point but whose national profile was complicated by an October on-camera exchange; former Los Angeles Mayor Antonio Villaraigosa; and former U.S. Health and Human Services Secretary Xavier Becerra. Two Republicans are also on the ballot for the state’s all-party primary.
Steyer’s campaign immediately highlighted his record on ballot initiatives and regulatory fights, noting prior campaigns to increase corporate contributions to public services and to defend California’s climate laws. Campaign operatives signaled they intend to use the candidate’s personal resources to mount a statewide advertising program aimed at persuading working-class and middle-income voters in multiple media markets.
Analysis & Implications
Steyer’s wealth gives him the financial ability to saturate media markets across California, a state with nearly 40 million people and many distinct advertising regions. That reach could be decisive in a top-two primary where name recognition and message penetration matter; yet past California contests show money alone does not guarantee victory. The 2010 losses by Meg Whitman and Carly Fiorina demonstrate that large personal spending can be outmatched by party dynamics, voter sentiment, and organized ground campaigns.
Politically, Steyer’s messaging blends populist critiques of corporate power with environmental and consumer-focused policy claims, an approach designed to appeal to both progressive activists and working-class voters. That mix forces other Democrats to clarify their own stands on corporate taxation, climate policy and consumer protections, potentially reshaping debates in debates and advertising through the primary.
On the national stage, a high-profile, self-funded Steyer campaign could alter calculations for other potential statewide contenders mentioned in recent coverage, including Vice President Kamala Harris and Sen. Alex Padilla, both of whom have been discussed as possible entrants at various times. Harris has repeatedly said she has no plans to run for governor and framed any future campaign around national aspirations; Padilla has indicated he will remain in the Senate.
Comparison & Data
| Candidate | Year | Notable Self-Funding | Result |
|---|---|---|---|
| Tom Steyer | 2020 | Spent more than $200 million | Dropped out; no pledged delegates |
| Meg Whitman | 2010 | Spent more than $100 million | Lost governor’s race |
| Carly Fiorina | 2010 | Significant personal spending | Lost Senate race to Barbara Boxer |
The table highlights that high personal spending has produced mixed results in California’s statewide contests. Political analysts caution that advertising buys must be paired with ground organization, credible policy proposals and voter trust to convert spending into votes. California’s size increases the cost of a full-state campaign but also raises the potential payoff for early name recognition.
Reactions & Quotes
Steyer framed his bid in populist terms and drew early attention to affordability and corporate taxation. Campaign messaging emphasized his ballot-work record and promised investments in public services.
“Californians deserve a life they can afford,”
Tom Steyer (campaign video)
Vice President Kamala Harris, who has been mentioned frequently as a potential entrant, reiterated that she is not planning a run for governor and emphasized support for strong Democratic contenders.
“I will be voting,”
Vice President Kamala Harris (to The Associated Press, Oct. 17)
Political observers noted that Steyer’s financial advantages will draw scrutiny and that the race dynamics will depend on how competing Democrats define progressive versus pragmatic approaches to California’s affordability crisis.
Unconfirmed
- Exact size and timing of Steyer’s planned statewide advertising buys remain unspecified and unverified by independent ad-tracking sources.
- Whether Vice President Harris or other nationally prominent California Democrats will change course and enter the race remains uncertain despite public statements to the contrary.
- The long-term effect of recent negative viral moments involving other candidates on their primary standing is still unclear and not fully measured by polling.
Bottom Line
Tom Steyer’s entry into the California governor’s contest adds a wealthy, well-known figure who combines establishment and populist appeals. His record on ballot initiatives and past national campaigning gives him a distinct profile, but the history of expensive self-funded bids in California shows resources alone may not secure victory.
The June all-party primary structure and California’s diverse electorate will force all contenders to translate money into persuasive, localized campaigns. Watch for intensified debates over corporate taxation, affordability and climate policy as the race evolves toward the June primary and potential November runoff.
Sources
- The Associated Press (news report on Steyer announcement and campaign background)
- California Secretary of State (official information on primary rules and election process)