Tom Steyer, the billionaire environmental activist and one of the Democratic party’s biggest political donors, has announced his bid for California governor, joining a rapidly expanding field looking to replace the termed-out Gavin Newsom. Steyer, who previously ran for the Democratic presidential nomination in 2020, said he is entering the race to tackle what he calls the state’s “intractable affordability crisis”. Steyer, 68, built his fortune in finance after founding Farallon Capital Management in 1986, turning it into one of the world’s most influential hedge funds. But he left the firm in 2012 to devote himself full-time to political and environmental causes. He went on to create NextGen America, a youth-focused voter mobilisation organisation centred on climate change, reprodu

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