Billionaire activist Tom Steyer announced Wednesday that he is entering the race for Governor of California.

He joins a crowded field of candidates vying to succeed Gov. Gavin Newsom in Sacramento.

Driving the news: Steyer has long been a megadonor to Democrats throughout his career in finance. • He even ran for President in 2020, seeking the Democratic nomination, but dropped out early in the primaries. • Along with his own political aspirations, Steyer has spent tens of millions of dollars on California ballot initiatives, including strong support of Proposition 50 this year. He is also known for his support of various climate issues.

What he’s saying: “I wanted to build a business here,” Steyer said in a campaign video. “Now, it’s worth billions of dollars, and I walked away from

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