Nov. 19 (UPI) — Billionaire activist Tom Steyer announced his run for California governor after the former presidential candidate claimed no plans existed for him to again run for political office.
Steyer, 68, pointed to his business experience in a candidate video vying to replace term-limited Gov, Gavin Newsom, a Democrat and rumored 2028 presidential contender, saying he’s running because “Californians deserve a life they can afford.”
“Sacramento politicians are afraid to change this system. I’m not,” he added in a campaign launch video.
He joined the field with other gubernatorial candidates such as former U.S. Rep. Katie Porter, D-Calif., ex-U.S. Health and Human Services Secretary Xavier Becerra and former Los Angeles Mayor Antonio Villaraigosa.
A 2020 presidential candidate, Steyer said that his long business background separates him from other candidates.
“I wanted to build a business here. Now it’s worth billions of dollars. And I walked away from it because I wanted to give back to California,” Steyer said.
In 2010, Steyer signed the Giving Pledge vowing to donate half his massive fortune to charity during his lifetime.
On Wednesday, he said California needs to “get back to basics,” which he says meant “making corporations pay their fair share again.”
“Californians deserve a top 10 education state,” he added. “They deserve to be able to afford to live in a decent house. I will launch the largest drive to build homes that you can afford in the history of California.”
He revealed plans targeting the state’s high utility bills with California’s massive energy infrastructure, noting the west coast state has the second highest electricity rates in the United States.
Steyer, a former hedge fund manager and frequent Democratic donor in San Francisco, frequently crusades against big corporate money in politics. He later suspended his 2020 campaign in March after finishing third place in the South Carolina primary election won by Joe Biden.
“If we break up the monopolistic power of utilities, we’re going to unleash a complete wave of innovation and drop our sky-high energy prices,” Steyer continued in the video.
“This is about disrupting the way people think so we can get a completely different and much better outcome,” he said, adding it was “for the people of California.”