Tom Steyer, Democratic megadonor, joins crowded California governor's race

• California Gov. Gavin Newsom (D) is term-limited.

What he's saying: "Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living. We need to get back to basics," Steyer said in his campaign announcement video.

• Steyer said he would launch the largest drive to build affordable homes in the history of California and "break up the monopolistic power of utilities" and make corporations "pay their fair share" in taxes.
• "Sacramento politicians are afraid to change up this system," he said. "I'm not. They're going to hate this. Bring it on."

Context: Steyer spent 26 years running hedge fund Farallon Capital before selling his stake and switching his focus to politics and the environment, according to a Forbes profile.

• He spent about $65 million backing Democratic candidates and environmental causes in the 2016 election cycle.

• He founded NextGen American (formerly NextGen Climate) in 2013 to empower young voters.
• And last month, he pledged $12 million toward Democrats' redistricting efforts in California by launching several "guerilla style" television ads that poked fun at President Trump and his ire over Prop 50.

Flashback: Steyer ran in the 2020 presidential race, where he aggressively campaigned in South Carolina. He dropped his bid in February 2020.

• During Trump's first term, Steyer launched a "Need to Impeach" campaign against Trump with millions of dollars in funding.

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