Businessman Tom Steyer, a Democrat, is running for governor in California, joining a crowded field of candidates in the race to replace Democratic Governor Newsom.
Newsweek reached out to Steyer’s campaign for comment via email.
Why It Matters
Newsom, viewed as a potential 2028 presidential candidate, cannot run again due to term limits, meaning the gubernatorial race is open for the first time since his 2018 election. A wave of Democrats, and a handful of Republicans, are running for the highly visible position, but polls have suggested a wide-open race at this point, with no candidate having yet carved out a clear advantage.
Steyer, who briefly ran for president in 2020, is the latest prominent Democrat to throw his name in the ring. Steyer, a billionaire who donated more than $100 million to his own presidential campaign, will likely avoid funding headwinds, which is critical in the vast, populous state. California uses a unique primary system where all candidates, regardless of their party, run on a single primary ballot. The two candidates who receive the most votes advance to the general election.
What To Know
Steyer made his campaign official on Wednesday, taking a shot at other billionaires in his campaign launch video.
“The richest people in America think that they earned everything themselves,” he said. “Bulls***, man. That’s so ridiculous.”
Steyer, a venture capitalist who founded the political nonprofit NextGen America, touted his efforts on progressive issues like climate change, while emphasizing affordability in the video. He warned that Californians are being “run over” by the state’s high cost of living, pledging to launch “the largest drive to build homes that you can afford in the history of California.”
Early polling suggests that there is no clear leader in the race, but shows Steyer currently trailing other prominent candidates.
An EMC Research poll showed Steyer with 3 percent of the vote. The survey was reported by Punchbowl News last week and was conducted by an “outside group supporting” Representative Eric Swalwell, who has not said he is running.
That poll found Republican Steve Hilton leading with 20 percent, while former Democratic Representative Katie Porter and GOP Riverside Sheriff Chad Bianco followed with 16 percent and 14 percent support. Swalwell polled at 11 percent, while former Health and Human Services Secretary Xavier Becerra and former Los Angeles Mayor Antonio Villaraigosa polled at 9 percent and 5 percent respectively.
The poll surveyed 1,000 likely voters from October 22 to October 26 and had a margin of error of plus or minus 3.1 percentage points.
A University of California, Berkeley poll last month showed Steyer with one percent support. Bianco led that poll with 13 percent, while Porter held 11 percent. All other candidates were also in the single digits, while 44 percent of respondents said they were undecided. It surveyed 8,141 registered voters from October 20 to October 27 and had a sampling error of plus or minus 2 percentage points.
Emerson College’s latest poll did not include Steyer as a candidate but did poll his favorability. It found that 15 percent of respondents viewed him favorably, while 16 percent viewed him unfavorably. But 69 percent said they were unsure of how they viewed him.
That poll surveyed 900 likely voters from October 20 to October 21 and had a margin of error of plus or minus 3.19 percentage points.
What People Are Saying
Jaron Zhou, head of politics at Kalshi, wrote on X: “Steyer is surging to second place in our CA Gov market. Honestly given the state of the current field CA Dems should give a close look to Steyer.”
Kurt Bardella, a political strategist and commentator, wrote on X: “I can’t think of anything more out-of-touch with the current Democratic Party base than a billionaire running for high office.”
What Happens Next
Steyer and other candidates will spend the coming months making their cases to voters about why they are the strongest candidate to lead the state. The primary is set for June 2, 2026, according to the California Secretary of State’s office.