Billionaire and California Democratic gubernatorial candidate Tom Steyer just won the endorsement of Our Revolution, a political action group backed by Sen. Bernie Sanders (I-VT), which routinely voices opposition to the existence of billionaires.
The group addressed the irony of the endorsement head on, acknowledging Steyer’s billionaire status in a press release, adding that ”it matters what he is doing with that power: pushing for taxes on the wealthy, expanding universal programs, and dismantling corporate influence in our politics.”
“Tom Steyer understands that California’s affordability crisis is not inevitable — it’s the result of a political system shaped by concentrated wealth and corporate power at the expense of working people,” Our Revolution Executive Director Joseph Geevarghese said in a statement.
“At a moment when too many defend the status quo, Tom has taken a different path — challenging the very system that benefits people like him,” he added. An X post from the organization pointed out that this is the first time they have endorsed a billionaire for public office.
Steyer said that he’s “honored” to get the endorsement and said that “as Governor, [he’ll] work tirelessly to realize our shared vision of a California that works for working people.”
The group’s website openly touts efforts to “Defund Oligarchy” and its goal to “eliminate in the influence of corporations, billionaires and consultants in our political process.”
Steyer, a climate activist who built his wealth from creating the hedge fund Farallon Capital, has a net worth of $2.4 billion, according to Forbes. He has spent tens of millions dominating the airwaves in the Golden State, and he took similar actions when he unsuccessfully sought the 2020 Democratic presidential nomination.
However, the endorsement comes as some data indicated he is the top polling Democrat in the upcoming top-two primary race on June 2, according to RealClearPolling.
Eric Swalwell (D-CA) dropped out of the governor’s race and resigned from Congress after several sexual misconduct allegations, which shook up the contest since he had previously been considered the Democrats’ best shot.
The field of Democrats still remains wide open, however, with Steyer up going up against former Rep. Katie Porter, former Health and Human Services Secretary Xavier Becerra, and San Jose Mayor Matt Mahan, among others.
Former California State Controller Betty Yee dropped out of the race on Monday, as she was polling poorly. Gov. Gavin Newsom has yet to endorse a successor.
Republicans Steve Hilton and Chad Bianco are still having a strong showing in polling data, however, indicating the slight possibility of a Republican lockout in the primary. The top two candidates in California’s “jungle primary,” regardless of party, will advance to the general election in November.
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