(CNN) — Tom Steyer , the billionaire Democratic activist and former presidential candidate, became the latest contender Wednesday in the race to succeed California Gov. Gavin Newsom.

Steyer launched his campaign around the theme of affordability, echoing messaging that helped Democratic candidates win key races earlier this month, and taking on corporations.

“Californians deserve a life they can afford,” Steyer said in a statement. “But the Californians who make this state run are being run over by the cost of living. We need to get back to basics.”

The former hedge fund manager stirred speculation that he was considering a run last month when he committed $12 million to the campaign to boost Proposition 50, a ballot initiative passed this month that will allow California Democra

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