Tom Steyer’s Bid for California Governor: Challenging the Establishment

Tom Steyer, a billionaire and former hedge fund executive, is running for California governor in 2026. Known for his progressive activism and climate advocacy, Steyer aims to succeed Gavin Newsom and faces a crowded field of contenders.

Steyer’s Candidacy

Steyer built his wealth at Farallon Capital before turning to climate policies and Democratic politics. He positions himself as a populist running against corporate interests. His campaign focuses on climate action and economic inequality.

Democratic Opponents

The Democratic field includes Xavier Becerra, a former U.S. Health and Human Services Secretary from the traditional party establishment, and Katie Porter, known for her anti-corporate stance and consumer protection focus. Antonio Villaraigosa, former Los Angeles Mayor, represents a centrist approach.

Republican Contenders

Republican candidates include Riverside County Sheriff Chad Bianco and former Fox News host Steve Hilton. President Donald Trump has endorsed Hilton. Despite facing a challenging Democratic majority, California’s top-two primary system might offer opportunities.

Interview Insights

Steyer explains his struggle against establishment forces, emphasizing his opposition to corporate interests funding political opponents. He strives to support working Californians over corporate power—a prospect unsettling to the establishment.

He discusses how his relationships in the state have evolved, stressing the importance of honest dialogue while confronting self-interested opponents.

Building a Progressive Base

Steyer seeks to expand the progressive presence in California, aligning with other leaders advocating for change. He notes the high cost of living and lack of affordable options for employed residents, challenging the notion that California’s economic situation is satisfactory.

Comparisons to New York

Asked about parallels with New York’s prominent politicians, Steyer expresses surprise at the lack of competition focused on aiding working Californians in the race. He critiques fellow Democrats for maintaining the status quo while accepting special interest funding.