Billionaire Tom Steyer enters Democratic primary for California governor

Billionaire Tom Steyer launched his campaign for California governor on Wednesday to succeed outgoing Gov. Gavin Newsom.

Steyer, 68, is running as a Democrat, along with more than a half-dozen others and two Republicans in the state's so-called "jungle" primary in June, the Associated Press reported. The two candidates who receive the most votes will advance to the November general election.

The billionaire businessman is campaigning on improving economic conditions and the environment.

“Californians deserve a life they can afford,” Steyer said in a video released Wednesday. “But the Californians who make this state run are being run over by the cost of living.”

Steyer is running against former Rep. Katie Porter, former Los Angeles Mayor Antonio Villaraigosa, and former U.S. Health and Human Services Secretary Xavier Becerra.

“The richest people in America think that they earned everything themselves,” he said. “That’s so ridiculous.”

Steyer added that he would “make corporations pay their fair share again,” and his campaign cited his previous work on ballot initiatives with similar goals.

During President Trump's first term, Steyer spent millions of his own money touring the country and pushing for his impeachment.

In 2020, Steyer ran for the Democratic presidential nomination, spending more than $200 million of his fortune and receiving no pledged delegates. Last year, he financially supported President Biden’s reelection before the Democrat dropped out of the race.