Tom Steyer

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Tom Steyer founded Farallon Capital Management in 1986 and later turned to environmental activism and politics.

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Tom Steyer is an American business executive and philanthropist who founded (1986) Farallon Capital Management and later became a noted environmental activist. In late 2025, he entered the race for governor of California but failed to advance beyond the state’s 2026 primary election.

Thomas Fahr Steyer was born June 27, 1957, in New York City, New York, into a wealthy family. His father, Roy H. Steyer, was a partner at the law firm Sullivan & Cromwell who had earlier served as a prosecutor at the Nuremberg Trials, and his mother, Marnie (Speyer) Steyer, was a teacher. He attended Phillips Exeter Academy and then Yale University, where he studied economics and political science and served as captain of the soccer team.

After graduating in 1979, he worked for Morgan Stanley (MS) before receiving an M.B.A. in 1983 from Stanford University. Steyer later joined Goldman Sachs (GS), where he became known for his aggressive investments. He left the company in 1986 to create Farallon Capital Management, which was named for the Farallon Islands, a group of islands near San Francisco known for the shark-infested waters that surround them. Under Steyer’s guidance, Farallon became one of the leading hedge fund firms, known particularly for its management of university endowments.

The firm’s incredible success, however, wasn’t without controversy. In 2004, students at Yale and other universities protested their schools’ involvement with Farallon, which they alleged was engaged in ventures that weren’t always socially or environmentally responsible. According to some reports, the backlash led Steyer to become increasingly involved in climate-change efforts.

Already a supporter of the Democratic Party, Steyer also became more active in political causes. He created NextGen Climate Action Committee, a political action committee (PAC) that helped establish him on the national political scene. His other initiatives included the nonprofit Beneficial State Bank in Oakland, California, which he founded with his wife, Kat, in 2007. In 2008, he helped quash an effort to end California’s winner-take-all electoral allotment, and two years later he played a key role in the defeat of Proposition 23, which sought to suspend a state law calling for substantial reductions in greenhouse gas emissions. He also provided financial support to various politicians, helping establish him a highly influential figure in California politics.

In 2010, Steyer and his wife signed the Giving Pledge, committing to donate the majority of their wealth to philanthropic causes.

In 2012, he left Farallon and began to divest his portfolio of businesses that were inconsistent with his activism, especially those involved with fossil fuels. The following year he became the founding president of NextGen Climate, which focused on environmental issues.

Steyer gained a more national profile in 2017, when he launched a campaign to impeach President Donald Trump. His efforts included digital and television advertisements as well as an online petition. Although there was speculation that he would seek the U.S. presidency, in January 2019, Steyer said he wouldn’t run. Six months later he reversed course and entered the race, vowing to spend at least $100 million on his campaign. After disappointing performances in several primaries and caucuses, he withdrew from the race in February 2020. Steyer later endorsed Joe Biden as the Democratic nominee, and Biden ultimately defeated Trump.

In November 2025, Steyer entered the race for California governor as a Democrat, seeking to succeed term-limited Governor Gavin Newsom. Steyer had not previously held elective office. In a wide-open primary featuring numerous Democratic and Republican contenders, Steyer quickly became one of the most visible candidates, aided by his personal fortune and longstanding political activism.

His campaign emphasized lowering the state’s high cost of living, addressing climate change, and increasing taxes on wealthy individuals and corporations. Steyer participated in televised debates and campaigned as a billionaire willing to challenge corporate power and utility monopolies.

His immense personal spending—more than $100 million on advertising alone during the primary—made him one of the dominant financial forces in the race, though it also drew criticism from rivals who accused him of attempting to use his wealth to influence the election.

The contest remained highly competitive ahead of the June 2026 primary. Despite spending more than $216 million of his personal fortune on his campaign, he finished third with about 22.5% of the vote and failed to qualify for the general election. Democrat Xavier Becerra and Republican Steve Hilton advanced to the November election. After conceding, Steyer urged his supporters to back Becerra.