Bernie Sanders’ group backs California billionaire as replacement for Gavin Newsom
Since notable candidate Eric Swalwell withdrew from the California gubernatorial race, the field has opened up, leading to a surprising move by a progressive group connected to Bernie Sanders endorsing private equity billionaire Tom Steyer for the position. Our Revolution, a group established by Sanders with the aim of challenging corporate power and promoting progressive values, has thrown its support behind Steyer, a businessman previously involved in investments related to private prisons and coal.
Having also run for president in 2020, Steyer has seen a rise in momentum following Swalwell’s exit due to sexual assault allegations. This momentum has been bolstered by endorsements from various sectors, including labor unions, climate unions, and even former rivals such as former state Controller Betty Yee. Despite his controversial past investments, which included for-profit prisons, Steyer has managed to garner significant support leading up to the primary on June 2.
As a candidate, Steyer has advocated for a wealth tax targeting the wealthy and the implementation of a single-payer healthcare system in California. He has acknowledged his questionable investments in the past, attributing them to his decision to enter politics as a means to address social and economic issues. Steyer’s former firm, Farallon, invested millions in the country’s private prison contractor, which later faced criticism from a Yale union demanding divestment. Ultimately, Steyer distanced himself from such investments, selling his stake and leaving the firm in 2012.
Despite his wealth – estimated at $2.4 billion – and past ties to contentious industries, Steyer’s support seems to be growing among California voters. Polls indicate a tight race between Steyer and his Republican counterpart. California’s nonpartisan state primary system means that the top two candidates, regardless of party affiliation, will advance to the general election, adding uncertainty to the outcome.
Our Revolution’s decision to endorse Steyer, despite his billionaire status, is justified by the notion that he is actively challenging the system that has benefitted people like him. Steyer’s shift from the business world to politics highlights a transformative period in his career, characterized by a newfound commitment to public service and addressing societal concerns. This change in direction has been attributed to experiences that prompted self-reflection, leading Steyer to reevaluate his priorities and pursue avenues to effect positive change.
In summary, the unexpected endorsement of a billionaire candidate for the California governorship by a progressive group underscores the evolving landscape of political alliances and the complexities of personal and professional transformation in the public eye. The upcoming primaries will reveal whether Steyer’s unconventional candidacy and contentious past will resonate with California voters seeking a candidate capable of challenging the status quo and enacting substantive change.