Billionaire Steyer to Run for California Governor Decrying Rich

Billionaire Tom Steyer has parlayed his $4.6 billion fortune into funding progressive causes and a failed presidential bid. He’s now running for California governor.

In a campaign announcement Wednesday, Steyer, who founded the hedge fund Farallon Capital in San Francisco in 1986, pitched himself as Democratic anti-corporate crusader who would spur housing production, close tax loopholes and take on the state’s politically influential utility companies.

With his sleeves rolled up, the billionaire promptly starts his first campaign ad by decrying the ultrawealthy.

“The richest people in America think that they earned everything themselves,” Steyer said. “Bullshit, man. That’s so ridiculous. ...