Progressive billionaire Tom Steyer announces his candidacy for governor of California

Tom Steyer, a billionaire and historic Democratic donor, announced his candidacy for governor of California. The news was posted on his social media, where he claimed that "Californians deserve a life they can afford," promising to lower housing and utility costs, especially electricity.

The progressive billionaire has joined a tight Democratic primary. Among the other 12 candidates are many big names, including state Attorney General, Xavier Becerra; former Los Angeles Mayor Antonio Villaraigosa, former Congresswoman Katie Porter; California Democratic Party vice chairwoman Betty Yee; and state Superintendent of Public Instruction, Tony Thurmond.

"Californians who make this state run are being run over by the cost of living. We need to get back to basics. And that means making corporations pay their fair share again. Californians deserve a top-10 education state. They deserve to be able to afford to live in a decent house. I will launch the largest drive to build homes that you can afford in the history of California. We have the second highest electricity rates in the country" Steyer said in the video announcing his campaign.

"This is about disrupting the way people think so we can get a completely different and much better outcome for the people of California. I'm saying we have a broken government. (...) Sacramento politicians are afraid to change up this system. I'm not. They're going to hate this. Bring it on. I'm Tom Steyer and I'm running for governor," he finished.

Among his campaign promises are to make California one of the top 10 states for education, build one million houses within four years and lower the cost of electricity by 25%.

Steyer, 68, has a long political and financial history in the Democratic Party. His first campaign was that of Walter Mondale in 1984, then he worked with John Kerry and, in 2008, became one of Barack Obama's biggest donors. In 2013, his name was rumored to be the new Treasury secretary to replace Timothy Geithner. In the end, the post went to Jack Lew.

In 2020, he launched his presidential candidacy with the image of a progressive and climate-committed billionaire. Failing to win delegates, he withdrew from the race before 'Super Tuesday'. He subsequently served as co-chair of Joe Biden's Climate Engagement Advisory Council.

This year, he was the largest donor to the famous Proposition 50, contributing some $12 million. The initiative passed in early November with 64% of the vote.