Tom Steyer, the progressive billionaire investor who unsuccessfully sought the 2020 Democratic presidential nomination, has entered the crowded race to be the next governor of California.

“We need to get back to basics, and that means making corporations pay their fair share again,” Steyer said in a video launching his campaign Wednesday to succeed term-limited Democratic Gov. Gavin Newsom.

Casting himself as an outsider in the race, Steyer added: “Sacramento politicians are afraid to change up this system. I’m not.”

While he’s never held elected office, Steyer, 68, is no stranger to Democratic Party politics. Over the years, he’s steered millions of his own dollars toward various state and national campaigns around issues ranging from environmental protection to gun control and cigar

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