Tom Steyer
Thomas Fahr Steyer | |
|---|---|
| Born | June 27, 1957 Manhattan, New York City, U.S. |
| Occupation(s) | Entrepreneur, hedge fund executive, environmental advocate, philanthropist, political activist |
| Years active | 1979–present |
| Known for | Founder of Farallon Capital; co-founder of OneCalifornia Bank; founder of NextGen America; 2020 Democratic presidential candidate |
| Notable work | Cheaper, Faster, Better: How We'll Win the Climate War |
Thomas Fahr Steyer (; born June 27, 1957) is an American entrepreneur, hedge fund executive, environmental advocate, philanthropist, political aspirant, and progressive activist focused on climate issues. He established and served as co-senior managing partner of Farallon Capital, a San Francisco-based investment firm overseeing $20 billion for institutional clients and affluent individuals, including university endowments and charitable foundations. Steyer also co-founded OneCalifornia Bank, which later merged with Beneficial State Bank, a community development financial institution based in Oakland. From 2007 to 2017, he was a member of Stanford University's board of trustees and previously held a partner position and executive committee membership at Hellman & Friedman, a private equity firm in San Francisco.
In 2010, Steyer and his spouse became signatories of The Giving Pledge, promising to allocate half of their wealth to philanthropic causes. He exited Farallon in 2012 to dedicate his efforts to environmental advocacy and political engagement, founding NextGen America, a nonprofit organization that champions progressive reforms related to climate change, immigration, healthcare, and education.
Steyer pursued the Democratic presidential nomination in 2020 but withdrew after early primaries, having invested more than $191 million in campaign advertisements without securing pledged delegates.
In 2021, he co-established Galvanize Climate Solutions alongside Katie Hall. This investment firm concentrates on backing sustainable technologies aimed at combating climate change.
Early life and education
Born in Manhattan, Steyer is the son of Marnie (née Fahr), who worked as a remedial reading instructor, and Roy Henry Steyer, a partner at the New York law firm Sullivan & Cromwell and prosecutor during the Nuremberg Trials. Raised on Manhattan's Upper East Side, he attended the Buckley School before graduating as valedictorian from Phillips Exeter Academy. He earned a summa cum laude bachelor's degree in economics and political science from Yale University, where he captained the soccer team and belonged to the Wolf's Head Society. Subsequently, he obtained an MBA from Stanford Graduate School of Business, earning distinction as an Arjay Miller Scholar, and later served on Stanford’s board of trustees.
Career
Following his graduation from Yale, Steyer began his professional journey at Morgan Stanley in 1979. Between 1983 and 1985, he worked at Goldman Sachs specializing in risk arbitrage related to mergers and acquisitions. He rose to become a partner and executive committee member at Hellman & Friedman, a San Francisco-based private equity firm. In 1986, he founded Farallon Capital, a hedge fund headquartered in San Francisco that under his leadership managed $20 billion with an emphasis on high-risk opportunities including distressed assets.
Steyer resigned from Farallon in October 2012 to focus on advocating for alternative energy solutions. He divested from investments linked to carbon emissions but faced scrutiny over the speed of divestment as well as prior holdings in coal mining companies and private prison operators during his tenure. Under his leadership, Farallon had invested nearly $90 million in shares of Corrections Corporation of America. After departing Farallon, Steyer convened the 'Big Think Climate Meeting' aimed at developing strategies to combat climate change.
On April 17, 2020, California Governor Gavin Newsom appointed Steyer as chair of a task force responsible for guiding the state's economic recovery following the pandemic, with political strategist Ann O'Leary serving as co-chair.
On May 28, 2024, Steyer’s book titled Cheaper, Faster, Better: How We'll Win the Climate War was released by Spiegel & Grau and achieved status as a New York Times bestseller.
Philanthropy
In 2006, Tom Steyer and his spouse, Kat Taylor, launched OneRoof, Inc., a B Corp and social enterprise dedicated to providing broadband access, computer education, and workforce training through OneRoof Internet Centers located in rural areas of India and Mexico. Neither Steyer nor Taylor remain involved with this organization.
The following year, they founded Beneficial State Bank, a community development financial institution focused on serving underserved businesses, nonprofits, and individuals primarily in the Bay Area, now extending operations across California, Oregon, and Washington. The bank is fully owned by a foundation that channels all profits back into local communities.
Steyer and Taylor invested $22.5 million to establish the bank and to create the One PacificCoast Foundation, which supports philanthropic initiatives, lending programs, and investments targeting disadvantaged populations within California.
In August 2010, they became signatories of The Giving Pledge, committing to donate at least half of their wealth to charitable causes. In 2011, Steyer co-founded Advanced Energy Economy, an organization engaged in energy research and advocacy; however, neither founder remains active in this group.
They also developed the TomKat Ranch in Pescadero, California as a site for sustainable agriculture research. The ranch contributes to healthy food initiatives and co-produced the independent film La Mission, which explores life in San Francisco’s Mission District. Around 2011, Steyer joined the board of Next Generation, an organization emphasizing children’s welfare and environmental concerns. In 2013, he established NextGen Climate, a nonprofit environmental advocacy group coupled with a political action committee.
In August 2015, Steyer initiated the Fair Shake Commission on Income Inequality and Middle Class Opportunity to advocate for policy solutions addressing economic disparities.
Political activity
Steyer’s political involvement began in 1983 with work on Walter Mondale's presidential campaign. He later supported fundraising efforts for Bill Bradley in 2000 and John Kerry in 2004. An early backer of Hillary Clinton, he emerged as one of Barack Obama’s most active fundraisers and served as a delegate at the Democratic National Conventions in both 2004 and 2008. Additionally, Steyer has been affiliated with the Hamilton Project and is part of the Democracy Alliance, a coalition of progressive donors who contribute a minimum of $200,000 annually to recommended causes.
Following Obama’s 2008 election victory, Steyer was considered a potential candidate for Secretary of Treasury. His brother Jim Steyer remarked that Obama might later regret not selecting him due to his expertise. In January 2013, speculation arose about Steyer possibly succeeding Energy Secretary Steven Chu, a role he expressed willingness to accept.
Ballot measures
In 2010, Steyer teamed up with former Secretary of State George Shultz to co-chair the No on Prop. 23 campaign opposing the proposition that threatened California’s environmental regulation AB32. He contributed $5 million toward defeating Proposition 23.
Two years later, Steyer took the lead in sponsoring Proposition 39, designed to close a tax loophole that allowed multi-state corporations to avoid paying California taxes. He invested $29.6 million into the campaign, stressing the need for timely reform. Advocates claimed it would help break partisan deadlock in Sacramento, while detractors cautioned that heavy financial backing by wealthy individuals could skew the initiative process. Some critics questioned its effectiveness as a job creation tool; nevertheless, Steyer regarded it as a successful effort to eliminate corporate tax avoidance.
2012
During 2012, Steyer organized a fundraising event at his residence for President Obama. In a private session, Steyer along with fifteen prominent donors challenged the president on the Keystone pipeline, which Steyer opposed. Although Obama showed some understanding, he was cautious about fully endorsing initiatives without more conclusive evidence. Steyer expressed disapproval of Obama's approach to placing energy policies low on the agenda.
Democratic National Convention speech
At the 2012 Democratic National Convention, Steyer portrayed the election as a decisive choice between advancement and regression, with a focus on energy policy. He contended that Republican candidate Mitt Romney would raise U.S. reliance on fossil fuels, contrasting this with Obama's efforts to promote energy independence and generate employment.
Anti-Keystone rally
In February 2013, Steyer addressed a large crowd at an anti-Keystone XL Pipeline demonstration on the Washington Mall, organized by Bill McKibben and attended by tens of thousands. McKibben invited Steyer to participate in civil disobedience by chaining himself to the White House gate; however, after consulting with his brother Jim, Steyer chose not to take part.
NextGen America
Steyer established NextGen Climate (now known as NextGen America) in 2013, an environmental advocacy organization and political action committee. This entity became a significant financier and influencer in environmental political efforts. In the 2014 elections, Steyer contributed nearly $74 million through NextGen.
In October 2017, NextGen America allocated $2.3 million in grants to eight national immigration legal service organizations, including the University of California Immigrant Legal Services Center, UC Davis School of Law Immigration Law Clinic, UC Hastings Center for Gender and Refugee Studies, Asian Americans Advancing Justice — Asian Law Caucus, California Rural Legal Assistance Foundation, Center for Community Change, American Immigration Lawyers Association, and Council on American-Islamic Relations.
Electoral campaign activity
Throughout 2014, Steyer supported political candidates via NextGen Climate, backing at least nine individuals to advance climate change policies. This included aiding Ed Markey from Massachusetts in defeating Stephen F. Lynch during a 2013 Senate special election. Reports indicate Steyer spent approximately $1.8 million opposing Lynch, which featured a banner flown over a Boston Red Sox game stating "Steve Lynch for Oil Evil Empire."
Steyer also contributed to Democrat Terry McAuliffe’s victorious 2013 gubernatorial campaign in Virginia through NextGen Climate Action by financing media advertisements and voter mobilization efforts. Additionally, he supported Democratic contenders in Senate races across Iowa, Colorado, New Hampshire, and Michigan as well as gubernatorial contests in Pennsylvania, Maine, and Florida. He highlighted Florida’s critical role in the 2016 presidential election and its susceptibility to climate change as key reasons for his involvement there.
By June 2014, Steyer aimed to influence climate legislation by focusing on three to four legislative races per chamber in California. By that year, The Guardian recognized him as the largest individual donor in U.S. politics and a foremost environmental advocate.
Steyer invested roughly $67 million of his own wealth during the 2014 midterm elections, attaining a success rate near 40 percent. Out of seven Senate and gubernatorial candidates supported by NextGen Climate, three secured victories.
2015
In April 2015, Steyer appeared before the California Legislature to advocate for legislation aimed at reducing greenhouse gas emissions. By August, he was honored as a guest at the California Democratic Party headquarters, where discussions focused on a bill targeting a 50% reduction in gasoline consumption by 2030; however, he did not allocate substantial financial resources to support these proposals.
In July of the same year, Steyer called on contenders for the 2016 presidential race to formulate strategies ensuring that at least half of the United States' energy would come from clean sources by 2030. This appeal was reportedly directed toward Hillary Clinton, who had yet to present a detailed environmental platform, indicating a calculated effort to forge political alliances.
2016
During the 2016 election cycle, Steyer hosted a fundraising event at his residence in Burlingame and contributed financially to Hillary Clinton’s campaign. He invested $87 million exclusively in Democratic candidates, demonstrating his dedication to promoting clean energy initiatives through political channels.
Trump impeachment campaign
Starting in October 2017, Steyer allocated approximately $10 million toward a television advertising campaign advocating for the impeachment of Donald Trump, complemented by additional online advertisements. In these spots, he identified himself as an "American citizen" and accused Trump of pushing the nation toward nuclear conflict, obstructing FBI investigations, breaching the Constitution by accepting foreign funds, and threatening press freedom. Trump responded by labeling Steyer as "wacky and totally unhinged."
The Need to Impeach initiative generated rumors about Steyer potentially seeking election as California governor or California senator in 2018; however, he ultimately refrained from running. In March 2018, Steyer embarked on a town hall tour across 30 cities, and by the fall election period, the campaign had amassed close to six million petition signatures.
Steyer resigned as president of Need to Impeach in July 2019 to concentrate on his presidential bid. By that point, his expenditures on the campaign exceeded $70 million. He announced that the organization would continue under new management and appointed Nathaly Arriola as its executive director.
Potential gubernatorial bid
Although Steyer contemplated entering the 2018 California gubernatorial race, he declared in January 2018 that he would not pursue this path.
2020 presidential campaign
Initially indicating he would not seek office, Steyer reversed course and launched a self-financed campaign for the Democratic presidential nomination on July 9, 2019, pledging millions toward advertising efforts. He met qualification criteria for six Democratic primary debates but failed to qualify for one.
In the Iowa caucuses, Steyer ranked seventh among eleven candidates and placed sixth in New Hampshire’s primary; both results yielded no delegates. Despite substantial spending in South Carolina, he finished third with 11% of the vote but again secured no pledged delegates. He ended his campaign on February 29, 2020.
Throughout his presidential run, Steyer expended over $253 million, predominantly from his own fortune—equating to approximately $3,373 spent per vote prior to withdrawal. His financial outlay surpassed all Democratic contenders except billionaire Michael Bloomberg.
Following his exit from the race, Steyer served as co-chair of then-Vice President Biden’s Climate Engagement Advisory Council aimed at energizing climate-focused voters. The council featured prominent members including Dr. Cecilia Martinez, Lonnie R. Stephenson, Secretary of the Interior Deb Haaland, Carol Browner, and Harold Mitchell Jr.
2024 presidential election
In 2023, Steyer organized a fundraising event at his San Francisco home to support President Joe Biden's campaign for re-election.
Keystone Pipeline
Following conversations with environmental author Bill McKibben in 2012, Steyer redirected his efforts toward opposing the Keystone Pipeline. That same year, he departed from Farallon and encountered criticism from certain Republican circles for opposing the pipeline while maintaining investments in fossil fuel companies, including shares in Kinder Morgan, a competing pipeline firm. Steyer pledged to divest these assets within twelve months. By September 2013, he was featured in advertisements opposing the pipeline. In November 2015, he commended the Obama administration’s decision to reject the Keystone project, describing it as "fantastic."
Global warming and renewable energy
In 2008, Steyer and Taylor contributed $41 million to establish the TomKat Center for Sustainable Energy at Stanford University, which operates under the Precourt Institute of Energy. This center is dedicated to advancing cost-effective renewable energy technologies and policies aimed at enhancing accessibility, including research on advanced batteries and power grid systems.
In October 2013, Steyer co-founded the bipartisan Risky Business Project alongside New York City Mayor Michael Bloomberg and former Treasury Secretary Henry Paulson. The project evaluates the economic consequences of climate change across the United States, producing national and regional reports through 2015.
By 2015, Steyer became a member of Bill Gates’ Breakthrough Energy Coalition, which focuses on boosting both the demand for and supply of clean energy technologies.
Healthcare
Steyer does not support Medicare for All but advocates for broader healthcare coverage expansion.
Gun control
He supports implementing a ban on assault weapons and enacting universal background checks as key components of gun control policies.
Campaign finance
In a 2014 interview, Steyer expressed a preference for channeling resources into electoral campaigns rather than traditional philanthropy, citing the high costs associated with failing to act. He opposes the 2010 Supreme Court decision Citizens United v. FEC, which permits unlimited corporate contributions to super PACs.
Taxation
In October 2017, Steyer voiced support for increasing personal income taxes, arguing that wealthy Americans have disproportionately benefited at the expense of working families. He condemned a Republican tax reform proposal that year as a "thinly veiled reverse Robin Hood." Additionally, Steyer backs implementing a wealth tax targeting individuals with net worths exceeding $32 million.
5 Rights
In November 2018, Steyer identified five bipartisan priorities for Democrats: safeguarding voting rights, ensuring a clean environment, providing comprehensive education, securing a living wage, and promoting good health—framing these as fundamental freedoms for all citizens.
Awards and honors
Steyer has been recognized with multiple accolades for his environmental advocacy, including the Phillip Burton Public Service Award from Consumer Watchdog (2011), the Environmental Leadership Award from the California League of Conservation Voters (2012), the Environmental Achievement Award from the Environmental Law Institute (2013), and the Land Conservation Award from the Open Space Institute (2015).
He was also honored with Equality California’s Humanitarian Award in 2015 for his work supporting progressive initiatives benefiting the LGBT community.
Personal life
In August 1986, Steyer wed Kathryn Ann Taylor, who holds a Harvard degree along with both an MBA and a JD from Stanford. The couple has four children: Samuel, Charles, Evelyn, and Henry. Kathryn has contributed to the President's Council for the United Religions Initiative, an organization dedicated to interfaith collaboration.
Steyer's siblings include Hume Steyer, a practicing attorney based in New York, and Jim Steyer, a Stanford professor and published author. With a net worth estimated at $1.6 billion, Steyer opts for a humble lifestyle, driving an older model hybrid Honda Accord and steering clear of extravagant possessions. He is recognized for consistently wearing tartan-patterned neckties, explaining, “You gotta dress up for a fight.”
During his late 30s, Steyer embraced the Episcopal Church, reflecting the faith of his mother, which played a role in shaping his political activism.
In 2018, he was among those targeted by suspicious mailings sent by the convicted bomber Cesar Sayoc.
He resides in San Francisco, California.
Bibliography
- Steyer, Tom. Cheaper, Faster, Better: How We'll Win the Climate War. (2024). Spiegel & Grau. .