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Businessman Tom Steyer joins race for governor of California

Tom Steyer pledges to cut electric bills by 25%, build 1 million homes in 4 years, and make preschool and community college free to tackle California’s affordability crisis.

  • On Wednesday, Tom Steyer, billionaire philanthropist and former hedge fund manager, announced he is running for California governor as a Democrat, joining a crowded 2026 field including Xavier Becerra, Katie Porter, and Antonio Villaraigosa.
  • Framing his campaign, Steyer said the focus is on improving economic conditions for consumers and working-class voters by making corporations pay more, citing prior ballot initiatives and stating, `We need to get back to basics and that means making corporations pay their fair share again.`
  • With deep pockets, Steyer made an estimated $2 billion running a hedge fund, spent more than $200 million on his 2020 presidential campaign, and recently invested $12 million in Proposition 50.
  • The campaign dynamic places Steyer to clash with Katie Porter, Antonio Villaraigosa, and Xavier Becerra amid more than a half-dozen Democrats and two Republicans in a free-for-all.
  • With Gov. Gavin Newsom term-limited, the race features an all-party June primary advancing two to a November general election, while a UC Berkeley survey this month puts Steyer’s chances at 1% and The New York Times calls him little known.
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Spectrum News broke the news in United States on Wednesday, November 19, 2025.
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