Tom Steyer

Overview

Tom Steyer is a billionaire investor, philanthropist, and nationally recognized climate activist who transitioned from finance into public advocacy and political engagement. Founded and led Farallon Capital Management, building it into a multibillion-dollar global investment firm before stepping away to focus on public service and activism.

After leaving finance 14 years ago, Steyer has pledged to give the majority of his wealth away during his lifetime and has devoted his time and wealth to progressive causes, particularly climate activism and environmental leadership. He is co-founder of Beneficial State Bank, a community development bank focused on social equity, environmental sustainability, and responsible lending.

He previously ran for the Democratic presidential nomination in 2020, centering his campaign on climate change and economic reform. In California, held advisory roles, including serving as co-chair of Governor Gavin Newsom's Business and Jobs Recovery Task Force during the COVID-19 recovery period. He helped fund and pass ballot initiatives like Prop 39, directing billions into clean energy upgrades for schools.

Education

• Yale University: Graduated summa cum laude in Economics and Political Science (1979)
• Stanford Graduate School of Business: Earned his MBA (1983)

Positions Held

• Founder, Farallon Capital (1986–2012): Built one of the world's largest hedge funds, growing it from $8 million to $20 billion in assets
• Founder, NextGen America (2013): A nonprofit focused on climate change, immigration, and youth voter mobilization
• Co-Founder, Beneficial State Bank (2007): A community development bank providing loans to low-income businesses and sustainable initiatives
• Founder, Galvanize Climate Solutions (2021): A climate-focused investment firm
• Candidate for President (2020): Ran in the Democratic primary, centering his campaign on climate change and economic justice

Why He is Running

Tom Steyer positions himself as a climate-first, pro-democracy, anti-corporate Democrat who combines financial expertise with progressive activism. His campaign emphasizes using government, markets, and civic engagement together to tackle California's biggest challenges-especially affordability and climate change.

Key Campaign Priorities

Steyer has made California's affordability crisis central to his campaign:

1. Affordability & Cost of Living

• Housing: Lowering housing costs through large-scale housing construction, plans to build up to 1 million new homes. Promises to launch the "largest drive to build affordable homes" in state history (target: 1 million homes). He advocates for closing property tax loopholes for major corporations
• Homelessness: Address through state-level coordination
• Lowering costs: Reforming corporate tax structures to reduce burden on working families, and making the extremely wealthy pay their fair share. Reducing utility and energy costs through expansion of clean renewable energy
• Education: Universal access to free preschool and community college
• Economic Opportunity: Workforce development tied to clean energy and emerging industries
• Healthcare: Transition to single-payer healthcare system
• Veterans: Generally supports increased funding for mental health and reintegration services; emphasizes green-job training for transitioning service members
• Childcare: Supports universal pre-K and state-subsidized childcare as part of his "affordability" pillar to allow more parents to enter the workforce

2. Climate Leadership & Clean Energy Economy

• Transition to 100% clean energy
• Expand green jobs and climate infrastructure
• Position California as a global leader in climate innovation
• Known primarily as a climate activist. He proposes a windfall profits tax on oil producers and seeks to break the "monopoly" of utilities like PG&E to lower energy costs

3. Political Reform & Accountability

• Ban corporate PAC contributions in state elections
• Reduce corporate influence in policymaking
• Increase transparency and accountability in government

Endorsements

Labor Unions & Workers Organizations:

Environmental Leaders & Public Figures:

Progressive & Grassroots Support:

Strong support from progressive and grassroots organizations, with his campaign bolstered by a broad coalition of young voters, climate advocates, and organizers connected to his longstanding work with NextGen America, along with support from labor-aligned groups, criminal justice reform advocates, and numerous California Assembly members

For latest updates, visit: tomsteyer.com/endorsements

Campaign Financing

Steyer is largely self-funding his 2026 bid, a move that has drawn both criticism for "buying the race" and praise for his independence from special interests.

• Self-Funding: As of early 2026, he has poured over $66 million (and upwards of $100 million according to rivals) of his own wealth into the race

Foreign Policy (Israel & Middle East)

While running for a state office, Steyer has maintained vocal positions on federal foreign policy, particularly regarding the ongoing conflicts in the Middle East.

• Israel & Gaza: Steyer has been critical of U.S. support for Israel's security policies in Gaza. He has suggested that U.S. aid to Israel should be conditional on the halting of settlement construction in the occupied territories
• Iran: He has strongly condemned the 2025-2026 military escalations involving Iran, labeling the conflict an "unnecessary war" and criticizing the influence of the "American lobby" on U.S. foreign policy
• General Stance: He favors a "multilateralist" approach, advocating for the U.S. to lead through diplomacy and climate cooperation rather than unilateral military force

Political Assessment