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The Billionaire Who Made California Unaffordable

The Wall Street Journal

November 24, 2025

Tom Steyer, a 68-year-old former hedge fund manager turned climate activist, turned exactly zero heads last week when he kicked off his campaign for California governor. Tom who?

- By Alysia Finley

To the extent voters have heard of the San Francisco billionaire, it’s likely thanks to his batty climate-focused campaign for the Democratic presidential nomination in 2020—in which he spent $4,600 for every vote he received. If anyone is cheerin

This story is from the November 24, 2025 edition of The Wall Street Journal.

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