San Francisco billionaire Tom Steyer announced he’s joining California’s unpredictable 2026 governor’s race, a crowded, fluid contest with Gov. Gavin Newsom term-limited out. The 68-year-old Democrat, little known to voters, could offset that by financing his own bid; in 2020 he spent heavily and finished third in South Carolina’s Democratic primary behind Joseph R. Biden Jr. and Bernie Sanders. A former hedge fund leader who turned to politics and environmental advocacy, Steyer launched his campaign with a video declaring, “This is the place that invents the future,” as the June primary sits just over six months away.

Prepared by Lauren Mitchell and reviewed by editorial team.