Tom Steyer, a billionaire who ran for president in 2020, now has his eyes on Sacramento.
In his gubernatorial bid, Steyer is spending a big chunk of his own money to make sure every single person in California knows he’s running for governor through his campaign ad blitz. The latest record from the California State Secretary’s Office showed Steyer spend more than $100 million on the campaign, largely surpassing other candidates.
Steyer, who founded a climate change-centered investment firm after making his fortune in hedge fund, has been using his wealth to push for and fund environmental issues.
Who is Tom Steyer?
Steyer is a billionaire, businessman and political activist.
After graduating from Yale University, the New York City native earned his MBA from Stanford University.
His Linkedin profile noted that Steyer founded Farallon Capital Management, a San Francisco-based hedge fund, in 1986.
He has been using his money to support ballot measures, fundraise for Democratic candidates such as President Barack Obama, pushes for his environmental causes, including greenhouse-gas reduction efforts.
Steyer also worked with current Gov. Gavin Newsom after he was appointed to lead a jobs and economic recovery task force after the COVID-19 pandemic in 2020.
What are Tom Steyer’s proposals?
Steyer has positioned himself as an outsider who can fix the affordability crisis in the state. One of his proposals include taxing large corporations and raise their property taxes so the state will have enough money to reduce the cost of electricity for Californians.
Steyer is backing the 2026 Billionaire Tax Act, which has been opposed by Gov. Newsom as well as his gubernatorial competitors Xavier Becerra, Katie Porter, Antonio Villaraigosa and Matt Mahan.
He is also one of the candidates who are pushing for a single-payer health care system, under which a government agency covers medical services through taxes.
Also as an environmental activist, Steyer proposes that the state invest more in renewable energy.
Tom Steyer said he wants California to have the ability to prosecute and possibly imprison ICE agents. Robert Kovacik reports for the NBC4 News at 11 p.m. on Wednesday, April 15, 2026.
What does Steyer say about immigration?
Steyer has pledged to stop ICE from conducting immigration enforcement operations in California. He also said he would prosecute and imprison ICE agents as a governor. But he did not specify how the proposal could realistically come to fruition given the Supremacy Clause and legal barriers the Newsom administration has faced.
He also said he would invest more in hiring attorneys and investigators for the state government so they can represent undocumented Californians.
What are controversies surrounding Steyer?
His campaign spending for the presidential and gubernatorial bid has led critics to say Steyer is promoting big money in politics. He’s on track to run the most expensive gubernatorial campaign in state history.
Among over $100 million Steyer has spent as of April, most of the money was his own.
Steyer’s past investment has drawn criticism. Katie Porter highlighted that Steyer had previously invested $90 million in CoreCivic, the largest private owner and operator of correctional and detention facilities in the country.
Despite promising to abolish ICE and go after ICE agents, CoreCivic has been tied to ICE detention facilities, including the one in Kern County that reportedly opened in 2025 to hold more than 2,500 immigrants.