In a move that’s sure to raise eyebrows across the Golden State, San Francisco billionaire Tom Steyer has officially thrown his hat into the 2026 California governor’s race. Known for his previous unsuccessful presidential bid and philanthropic efforts, Steyer launched his campaign with a characteristic blend of bravado and policy pledges.

Steyer’s announcement video boldly declares, “Bullsh*t, man!” and focuses on California’s escalating cost of living crisis. “Californians deserve a life they can afford. But the Californians who make this state run are being run over by the cost of living,” he proclaimed, promising to launch “the largest drive to build homes that you can afford in the history of California”.

The billionaire’s political journey has been marked by substantial financial contributions rather than personal charisma. Founder of Farallon Capital and co-founder of Galvanize Climate Solutions, Steyer has historically been more comfortable writing checks than winning hearts. His past political involvement includes successful state measures like Prop 23 (anti-oil drilling) and Prop 56 (cigarette sales tax).

Steyer enters a crowded and competitive gubernatorial landscape. Notable candidates include former congressional representative Katie Porter, Biden’s HHS Secretary Xavier Becerra, and former LA Mayor Antonio Villaraigosa. On the Republican side, former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco are also vying for the position.

This isn’t Steyer’s first high-profile political endeavor. His 2020 presidential campaign was notably underwhelming, with reports suggesting he struggled to gain meaningful traction beyond his own campaign staff. His current gubernatorial run seems to follow a similar pattern of self-funded, policy-driven but personally uninspiring campaigning.

As California looks toward its next leadership transition, Steyer’s candidacy represents another attempt by a wealthy outsider to leverage financial resources and policy expertise into political power. Whether voters will embrace his message remains to be seen in what promises to be a dynamic and competitive election.