By Arit John, CNN

(CNN) — Tom Steyer, the billionaire Democratic activist and former presidential candidate, became the latest contender Wednesday in the race to succeed California Gov. Gavin Newsom.

Steyer launched his campaign around the theme of affordability, echoing messaging that helped Democratic candidates win key races earlier this month, and taking on corporations.

“Californians deserve a life they can afford,” Steyer said in a statement. “But the Californians who make this state run are being run over by the cost of living. We need to get back to basics.”

The former hedge fund manager stirred speculation that he was considering a run last month when he committed $12 million to the campaign to boost Proposition 50, a ballot initiative passed this month that will allow California Democrats to redraw the state’s congressional map in their party’s favor.

Steyer is joining a crowded field with no clear front-runner after former Vice President Kamala Harris and US Sen. Alex Padilla both passed on running. Among the candidates is Xavier Becerra, the former health and human services secretary, and Katie Porter, the former congresswoman who faced criticism after videos of her bristling under follow-up questions in an interview and yelling at a staffer went viral.

Other candidates include former Los Angeles Mayor Antonio Villaraigosa, Republican commentator Steve Hilton and Riverside County Sheriff Chad Bianco. Newsom is term-limited and considered a contender for the Democrats’ 2028 presidential nomination.

Steyer is a longtime fixture in Democratic politics who has spent millions backing liberal ballot initiatives and Democratic candidates. In 2013, he founded NextGen America, a group aimed about boosting voter turnout among young people. During President Donald Trump’s first term in office, Steyer spent $20 million on an ad campaign calling for Trump’s impeachment.

Despite his prominence as a megadonor, Steyer has been less successful as a candidate.

After passing on Senate and governor campaigns in 2018, Steyer joined the crowded 2020 Democratic presidential primary field and gave $318 million to his campaign before dropping out after a disappointing finish in the South Carolina primary.

The-CNN-Wire
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