Billionaire activist Tom Steyer launches bid to succeed Newsom as California governor - Local News Matters

Tom Steyer, a billionaire climate activist and former presidential candidate, officially entered the race for California governor, aiming to merge business innovation with affordability. His campaign video presents a vision where corporations are encouraged to contribute fairly to alleviate the state's high living costs. Steyer, who founded the hedge fund Farallon Capital and later launched NextGen America, has gained recognition for his advocacy on climate change and progressive issues. He plans to initiate the largest affordable housing drive in California's history and address monopolistic utility costs, promising relief for struggling residents. With Gov.

Gavin Newsom unable to run again, Steyer faces competition from at least six other Democrats, including notable figures like Katie Porter and Xavier Becerra. His recent $13 million advertising push for Proposition 50 indicated his readiness for a gubernatorial bid. Steyer's focus on affordability aligns with the concerns of many Californians, and he aims to resonate with everyday voters. His political evolution from hedge fund manager to climate activist underlines his commitment to progressive change in California.