Tom Steyer

Tom Steyer
Steyer in 2019
Tom Steyer
Born	Thomas Fahr Steyer 27 6, 1957
Birthplace	New York City, U.S.
Nationality	American
Occupation	Investor, hedge fund manager, political activist, environmentalist
Known for	Founder of Farallon Capital, founder of NextGen America, 2020 presidential candidate, 2026 California gubernatorial candidate
Education	Stanford University (MBA)
Children	4

Thomas Fahr Steyer (born June 27, 1957) is an American billionaire investor, hedge fund manager, environmentalist, and political activist. A member of the Democratic Party, Steyer founded Farallon Capital, a San Francisco-based hedge fund that grew into one of the largest in the world, before retiring in 2012 to devote himself to political advocacy and environmental causes. He subsequently founded NextGen America, a political action committee focused on climate change and progressive political engagement. In 2019, Steyer entered the race for the Democratic presidential nomination, spending more than $191 million on campaign advertising before withdrawing after the first four state contests without securing any pledged delegates. In November 2025, Steyer announced his candidacy in the 2026 California gubernatorial election, positioning himself as a progressive populist with proposals including a 25 percent reduction in electricity bills and a special election to raise corporate taxes. A signatory of the Giving Pledge, Steyer has directed substantial portions of his fortune toward philanthropy, environmental activism, and Democratic political causes, making him one of the most prominent political donors in the United States.

Early Life

Thomas Fahr Steyer was born on June 27, 1957, in New York City. His father, Roy Henry Steyer, was a partner at the law firm Sullivan & Cromwell and had served as a prosecutor at the Nuremberg trials after World War II. Steyer grew up in Manhattan and attended school in New York City. His brother, Jim Steyer, later became a prominent children's rights advocate and the founder of Common Sense Media.

Steyer attended the Buckley School in Manhattan and later Phillips Exeter Academy in New Hampshire. He went on to attend Yale University, where he earned a bachelor's degree. He subsequently enrolled at Stanford University's Graduate School of Business, where he obtained his MBA. His time at Stanford proved formative both professionally and personally, as the university's proximity to Silicon Valley and the San Francisco Bay Area shaped his subsequent career in finance and his involvement in California political life.

Education

Steyer received his undergraduate degree from Yale University, one of the Ivy League institutions, before pursuing graduate studies at Stanford University's Graduate School of Business, where he earned a Master of Business Administration. He later maintained close ties with Stanford, serving on the university's Board of Trustees. His educational background spanning the East Coast and West Coast mirrored the trajectory of his career, which began on Wall Street before ultimately settling in San Francisco.

Career

Early Finance Career

After completing his MBA at Stanford, Steyer began his career in finance. He worked at Morgan Stanley and Goldman Sachs before entering the hedge fund industry. His early years in finance provided him with the investment acumen and network that would allow him to launch his own firm.

Farallon Capital

In 1986, Steyer founded Farallon Capital Management, a San Francisco-based hedge fund. The firm took its name from the Farallon Islands, a group of islands and sea stacks located off the coast of San Francisco. Under Steyer's leadership as co-senior managing partner, Farallon Capital grew into one of the largest hedge funds in the world, managing billions of dollars in assets. The firm employed a range of investment strategies and attracted capital from major institutional investors, including university endowments and foundations.

Steyer's success at Farallon made him a billionaire, and Forbes has tracked his net worth on its list of the wealthiest Americans. The firm's investment approach included event-driven strategies, real estate investments, and credit-related transactions across global markets. Steyer served as the firm's co-senior managing partner for more than two decades.

In 2012, Steyer retired from Farallon Capital, announcing his intention to shift his focus to political activism and environmental advocacy. His departure from the firm marked a significant turning point in his career, as he transitioned from the world of high finance to the world of public policy and political engagement.

Banking and Community Finance

In addition to his hedge fund work, Steyer and his wife, Kathryn Taylor, were involved in community-oriented banking. The couple's efforts in banking were directed at supporting underserved communities and promoting sustainable economic development. Taylor, a banking executive in her own right, played a central role in shaping the institution's mission toward community building and philanthropy. The bank was focused on building community through traditional lending practices that aimed to serve populations often excluded from mainstream banking services.

Environmental and Political Activism

After leaving Farallon Capital, Steyer became one of the most prominent environmentalist donors and activists in the United States. He founded NextGen America (originally known as NextGen Climate), a political action committee that focused on fighting climate change and promoting clean energy, as well as engaging young voters in the political process.

Steyer emerged as one of the largest individual political donors in the country, spending tens of millions of dollars on elections and ballot initiatives related to environmental causes. In the 2014 election cycle, he spent approximately $74 million on political activities, making him one of the top individual political spenders in the nation.

Steyer's environmental advocacy extended beyond political donations. He invested in sustainable agriculture, including a cattle ranch in California that was operated with the aim of demonstrating sustainable farming practices. He also became a vocal advocate for addressing economic inequality, framing environmental and economic issues as interconnected challenges.

2020 Presidential Campaign

In July 2019, Steyer announced his candidacy for the Democratic presidential nomination for the 2020 election. He resigned from his role at NextGen America upon entering the race. His campaign focused on issues including climate change, economic inequality, and the need to break the influence of corporations over government.

Steyer self-funded a significant portion of his campaign and spent more than $191 million on campaign advertising, one of the largest sums by a single candidate in American political history. Despite this expenditure, his campaign did not gain sufficient traction in the early primary states. He failed to obtain any pledged delegates and withdrew from the race after the first four state contests, which included the Iowa caucuses, New Hampshire primary, Nevada caucuses, and South Carolina primary.

The 2020 campaign, while unsuccessful in securing the nomination, raised Steyer's national profile and allowed him to advance his policy agenda on climate, economic reform, and structural changes to the political system.

2026 California Gubernatorial Campaign

In November 2025, Steyer announced his candidacy in the 2026 California gubernatorial election. His entry into the race placed him in a crowded field of Democratic candidates vying to succeed outgoing Governor Gavin Newsom.

Steyer's gubernatorial campaign has centered on a progressive platform that includes proposals to reduce electricity bills for California residents by 25 percent, a pledge that has drawn scrutiny from energy policy experts. He has also proposed calling a special election to raise corporate taxes, including a potential split-roll property tax initiative, signaling his willingness to use direct democracy mechanisms to advance fiscal policy changes.

As a self-funding billionaire candidate, Steyer has outpaced most other candidates in fundraising. A February 2026 analysis of campaign finance reports indicated that only Republican candidate Steve Hilton, who raised $4.1 million from donors, led the field in non-self-funded contributions, while Steyer's overall fundraising total, bolstered by his personal contributions, exceeded that of most competitors.

Steyer's candidacy has generated attention as part of a broader national trend of billionaires seeking state-level executive office. Business Insider identified him among several billionaires running for governor across the United States in 2026. His progressive platform has drawn some praise from union leaders, as he has positioned himself as a populist despite his billionaire status — a tension he has acknowledged publicly. In a Washington Post profile, Steyer addressed his wealth and public perceptions, noting that he did not want to be seen as "a really rich... arrogant SOB."

Reports from early 2026 indicated that Steyer, along with fellow candidate Eric Swalwell, was surging in polls for the gubernatorial race, defying initial skepticism from much of the California political establishment. His status as a billionaire in a state where Democrats have increasingly focused on taxing the wealthy has created a complex dynamic, as both his candidacy and the broader role of billionaires in California politics have become subjects of public debate at events such as the California Democratic Party convention.

Personal Life

Steyer married Kathryn Ann Taylor on August 16, 1986. Taylor is a graduate of Harvard Law School and has had a career in banking, finance, and philanthropy. The couple has four children and resides in the San Francisco Bay Area.

Steyer and Taylor have been active philanthropists. They are signatories of the Giving Pledge, an initiative created by Warren Buffett and Bill Gates that encourages billionaires to commit to donating the majority of their wealth to charitable causes. Steyer was among the 38 initial billionaires who signed the pledge. Their philanthropic activities have spanned education, the environment, community development, and public health.

Steyer's brother, Jim Steyer, is the founder and chief executive officer of Common Sense Media, a nonprofit organization focused on children and families' use of media and technology. The Steyer brothers have both been prominent figures in their respective fields of finance-turned-politics and children's media advocacy.

Steyer has spoken publicly about the influence of his father's work at the Nuremberg trials on his own values and sense of civic responsibility. His personal interests include outdoor activities; a Men's Journal profile described him as an avid runner and outdoorsman.

Recognition

Steyer has been recognized primarily for his environmental activism and political engagement rather than for traditional awards in business or finance. His prominence as one of the largest individual political donors in the United States has made him a frequent subject of media coverage. Forbes has profiled him multiple times, both for his wealth and for his transition from hedge fund management to political activism.

His role as a major Democratic Party donor and his spending of approximately $74 million in the 2014 election cycle and more than $191 million during his 2020 presidential campaign have made him one of the most-discussed figures in conversations about money in American politics.

Steyer's signing of the Giving Pledge was recognized as part of the broader philanthropic movement among America's wealthiest individuals. His service on the Board of Trustees at Stanford University further reflected his standing in educational and institutional circles.

Legacy

As of 2026, Tom Steyer's legacy remains in active formation, as his gubernatorial campaign in California represents his most significant bid for elected office since his 2020 presidential run. His career trajectory — from hedge fund billionaire to environmental activist to political candidate — has made him a notable figure in the intersection of wealth, activism, and electoral politics in the United States.

Steyer's founding of Farallon Capital established him as a major figure in the hedge fund industry, and his subsequent pivot to full-time political and environmental activism marked one of the most prominent examples of a billionaire financier devoting substantial personal resources to policy advocacy. His creation of NextGen America helped advance climate change as a central issue in Democratic politics and contributed to voter registration and engagement efforts, particularly among younger voters.

His 2020 presidential campaign, while unsuccessful, demonstrated both the possibilities and limitations of self-funded candidacies in American politics. The more than $191 million he spent on advertising remains one of the largest self-funded campaign expenditures in American electoral history. His 2026 gubernatorial campaign continues to raise questions about the role of personal wealth in democratic elections, a topic that has taken on particular salience as multiple billionaires seek governorships across the country.

Through his philanthropy, including his signing of the Giving Pledge, and his sustained engagement with environmental and economic policy, Steyer has contributed to public discourse on climate change, economic inequality, and corporate influence in government. Whether his gubernatorial bid succeeds or not, his career reflects a broader phenomenon in American public life: the entry of billionaire donors into direct electoral competition, and the tensions inherent in seeking to advance populist policy agendas while possessing extraordinary personal wealth.