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Billionaire Tom Steyer launches 2020 presidential campaign

Activist billionaire Tom Steyer
Photo: Michael Kovac/Getty Images for for J/P HRO Gala/Getty Images

Billionaire Democratic activist and donor Tom Steyer announced Tuesday that he will enter the 2020 presidential race.

Why it matters: Steyer, whose recent work has focused on impeaching President Trump, promised to sink at least $100 million of his own money into his campaign, via the New York Times, which could instantly make him a player in the race.

The big picture: Steyer essentially has no limitations on how much of his own money he can spend on his campaign. The NYT notes that Steyer "can be expected to deliver his message aggressively over the airwaves, potentially crowding out other competitors who may hope to raise their profiles with paid advertising."

What he's saying: As president, Steyer wants to reform the "broken political system" and combat climate change.

Go deeper: 2020 presidential election: Track which candidates are running