Billionaire Tom Steyer has Officially Announced his Presidential Bid

Billionaire Tom Steyer announced he will be joining the Democratic primary for the 2020 presidential election on Tuesday, July 9.

What We Know:

  • Steyer joined the crowded Democratic primary when he announced that he’s “running to end the corruption of our democracy by corporations and give more power to the American people,” on Tuesday with a promotional video on Twitter.

  • Steyer has long been a powerful financial force in the political arena; he has financially contributed to political causes like the impeachment of President Donald Trump with his $1.6 billion net worth. Steyer spent over $100 million on the 2018 House races supporting Democratic candidates, something he’s done for the past three election cycles as well.
  • Steyer announced earlier this year he would not run for president so he could make a more effective political contribution with his financial activism and focus on the impeachment of Donald Trump. He told The Atlantic he now feels impeachment activism in the US has exploded and that activists have “won the argument” by receiving public, televised hearings to inform and engage the American public.
  • He has plans to hit the campaign trail immediately by campaigning early in South Carolina. Steyer has pledged to spend $100 million on his presidential bid, which would exceed the combined fund-raising of candidates Joe Biden, Pete Buttigieg, Elizabeth Warren, Bernie Sanders and Kamala Harris over the last three months.
  • Steyer has already landed himself controversy amongst his competition in the Democratic primary; Senator Elizabeth Warren has sworn off private fundraising events in an effort to move away from billionaire and corporate influence on politics and criticized Steyer for driving up the cost of candidacy in the primary. “Every one of us should be held responsible for the kind of campaign we run. Period,” Warren said about Steyer’s candidacy.
  • Biden still leads the Democratic primary polls and Steyer would have to do a lot of catching up to win the Democratic bid; he likely will not qualify for the second round of CNN Democratic debates set for late July.

The latecomer may be able to pull ahead on his platform of removing corporate influence from the political arena.