Tom Steyer, the billionaire hedge fund investor who has made his name as a climate activist willing to put millions behind political causes, is entering the 2026 California governor’s race .

Steyer, 68, unsuccessfully ran for the Democratic nomination for president in 2020, dropping out in late February, ahead of Super Tuesday. But in California, he’s best known as an environmentalist and climate activist.

In 2013, he founded NextGen America, an organization dedicated to empowering young voters, and he has championed and funded several ballot measures targeting oil companies and the tobacco industry. He also spent $120 million on digital and TV ads in 2018 to push for President Donald Trump’s impeachment.

In a video announcing his bid, Steyer said he built a business worth billions

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