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Democratic socialist Bernie Sanders’ anti-billionaire progressive group has endorsed its first billionaire candidate, Tom Steyer, in the crowded field campaigning to be California’s next governor.
Our Revolution’s platform centers on eliminating corporate and billionaire influence in politics and supporting candidates who vow to get big money out of politics. But that didn’t stop their endorsement of Steyer, who has spent roughly $120 million of his own money on his campaign, about 30 times more than his Democratic competitors.
While Our Revolution acknowledged that Steyer is a billionaire in its endorsement, the grassroots group suggests he is using his fortune for good by running a campaign focused on left-leaning policies such as single-payer healthcare, removing corporate influence in politics and “taxing extreme wealth.” The group also said their endorsement “is also about winning,”
“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.”
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Tom Steyer speaks onstage at the 2024 TIME Earth Awards Gala at Second on April 24, 2024 in New York City. (Roy Rochlin/Getty Images for TIME)
Sanders, who has long railed against the existence of billionaires, has called Steyer a “friend,” but he has also said he is not a “fan of billionaires getting involved” in politics.
Our Revolution also said rallying behind Steyer is based on the need to back a “winning” candidate.
“In a high-stakes race where Republicans could take the top spot, consolidating behind a candidate who is both values-aligned and building momentum is essential,” Our Revolution said in a statement. “Our organizers on the ground in California are seeing real energy around Steyer for Governor — and that grassroots engagement helped drive this decision.”
Tom Steyer speaks onstage at the 2023 TIME100 Summit at Jazz at Lincoln Center on April 25, 2023 in New York City. (Jemal Countess/Getty Images for TIME)
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Steyer has raised $161,485.47 from individual donors, accounting for less than 1% of his campaign funds, with the rest coming from his his personal fortune, according to state filings.
Steyer made his wealth running a $20 billion hedge fund that invested millions of dollars in coal companies and a private prison company that owned immigration detention centers. He has publicly regretted some of his work with the hedge fund, sharing that its motivated him to take up left leaning causes.
Since leaving the hedge fund in 2012, Steyer has invested his money and time into climate change and clean energy initiatives, and he has been behind at least three successful state wide ballot measures in California. He also made an unsuccessful 2020 presidential run.
Sen. Bernie Sanders (I-VT) walks toward the Senate Chamber on December 11, 2025 in Washington, DC. (Heather Diehl/Getty Images)
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“Our Revolution has done the hard, essential work of organizing and empowering progressive voters for a decade,” Steyer said. “I’m honored to receive this endorsement, and as Governor, I’ll work tirelessly to realize our shared vision of a California that works for working people.”
Fox News Digital reached out to Steyer and Our Revolution for comment.
