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Billionaire joins gubernatorial race
Los Angeles Times
|November 20, 2025
He vows to challenge corporate influence and build a million homes
SEAN RAYFORD Getty Images HEDGE FUND founder Tom Steyer addresses a crowd in early 2020 during his presidential campaign.
Billionaire hedge fund founder Tom Steyer announced Wednesday that he is running for governor of California, arguing that he is not beholden to special interests and can take on corporations that are making life unaffordable in the state.
"The richest people in America think that they earned everything themselves. Bull, man. That's so ridiculous," Steyer said in an online video announcing his campaign. "We have a broken government. It's been bought by corporations and my question is: Who do you think is going to change that? Sacramento politicians are afraid to change up this system. I'm not. They're going to hate this. Bring it on."
Steyer, 68, founded Farallon Capital Management, one of the nation's largest hedge funds, and left it in 2012 after 26 years. Since his departure, he has become a global environmental activist and a major donor to Democratic candidates and causes.
This story is from the November 20, 2025 edition of Los Angeles Times.
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