Billionaire and political donor Tom Steyer has announced he’s running for governor of California, joining a field of Democrat and Republican candidates eyeing the top office as Gov. Gavin Newsom’s tenure approaches the end.

Steyer, in his announcement on Wednesday, Nov. 19, spoke about the cost of living in the state and that he plans to “launch the largest drive to build” affordable homes.

Who is Tom Steyer?

Steyer founded San Francisco-based hedge fund Farallon Capital Management in 1986 where he remained for years. A Democrat, Steyer is known to be a major political donor, including in the recent voter-approved Proposition 50 in California, as well as an advocate of environmentalism. He founded NextGen America, which describes itself as mobilizing young people for progressive cause

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