Our Revolution, the progressive group founded by Bernie Sanders as an outgrowth of his 2016 presidential campaign, is endorsing its first billionaire as the race for California governor tightens.
Tom Steyer, a hedge-fund billionaire and philanthropist, won the group’s endorsement on Monday. Our Revolution said its decision to back Steyer was driven in part by the shakeup over Rep. Eric Swalwell’s exit and fear that if progressives fail to consolidate around a candidate, they’ll hand the gubernatorial seat to a Republican.
“The worst thing that could happen is a Republican winning.”
“While yes, he is a billionaire, and that’s a real and important concern, it’s equally important to recognize how he’s used his wealth and power,” said Our Revolution Executive Director Joseph Geevarghese.
Steyer, he said, is the candidate most ideologically aligned with his group’s pledge to fight corporate power in politics — and the most likely to win.
“The worst thing that could happen is a Republican winning,” Geevarghese said. “Strategically, Steyer and his campaign is best positioned to make sure that does not happen.”
When California voters cast their ballots in the June 2 primary, the two leading candidates will advance to the general election — no matter their party affiliation. Since January, polling has shown two Republicans candidates — former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco — in the lead. President Donald Trump endorsed Hilton earlier this month.
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Left-leaning voters remain split across a wide Democratic field, with Swalwell and Steyer emerging as frontrunners. Swalwell pulled ahead in some polls in March, before dropping out of the race and resigning from Congress last week amid a series of allegations of sexual assault and harassment.
Since Swalwell’s exit, Steyer has risen in polls, along with former Rep. Katie Porter, D-Calif. But with Republicans still leading, progressives are now grappling with how best to achieve their policy priorities in a pool of candidates from which a clear favorite has yet to emerge.
Geevarghese said that Steyer aggressively sought Our Revolution’s endorsement throughout the race. Porter also sought the endorsement, but hasn’t pulled ahead or demonstrated a clear path to victory, Geevarghese said.
Porter, a progressive who flipped a Republican seat in Orange County campaigning on fighting corporate power, faced backlash last year after videos surfaced of her yelling at a staffer during a television interview. While she has the longest progressive record in office of the Democratic candidates in the field, left voters haven’t necessarily been convinced by her campaign. Porter has been endorsed by Sen. Elizabeth Warren, D-Mass., former New York Rep. Mondaire Jones, Emily’s List, End Citizens United, and several California unions, but has hovered behind behind Hilton, Bianco, Swalwell, and Steyer in recent polling.
“We do have a concern about whether she would be the stronger candidate in the field to consolidate for progressives,” Geevarghese said. He added that even before the implosion of Swalwell’s campaign, Our Revolution would not have supported Swalwell.
After previously having coalesced around Swalwell, some allies of Gov. Gavin Newsom are now considering backing another more moderate Democrat, former Secretary of Health and Human Services Xavier Becerra. Becerra has also risen in polling since Swalwell’s exit.
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Steyer has spent $120 million of his own money on ads for himself, more than any other campaign in the country this cycle, Politico reported. While he’s been mostly known in politics for his advocacy on climate change and a failed 2020 presidential bid that cost him more than $300 million, Steyer has leaned heavily into economic populism during his gubernatorial bid. He says he will support a wealth tax and has called for billionaires and corporations to pay more in taxes. He has also focused much of his criticism on Trump.
One policy shift since his failed presidential campaign is Steyer’s position on single-payer health care.
“In 2019, I didn’t think we needed single-payer health care,” Steyer said in a campaign video earlier this month. “Boy was I wrong, and boy was Bernie right. I’ve looked at the data. We don’t have a choice. For us to provide health care to everybody who needs it, we’ve got to go to single-payer. And there’s no other way.”
Geevarghese said Our Revolution, which counts the most members in California after New York, sees the race as an opportunity to elect someone who will both push back on Trump while advancing an aggressive progressive policy agenda at the state level. The group is also backing a Sanders 2020 campaign alum to run California’s insurance system, and working to pass a proposed state tax on billionaires via ballot measure. Steyer is the candidate most aligned with those priorities, Geevarghese said.
“He’s been a partner in the movement,” Geevarghese said. “Most billionaires have used their wealth and privilege to lock in the status quo. And Tom has done the opposite, right? He is actively using his position to upset the system.”
Steyer has given millions of dollars to philanthropic ventures over the years, including funding research on sustainable energy and launching a PAC to help elect candidates running on fighting climate change. Steyer has also faced criticism for benefiting from policies meant to help billionaires pay lower taxes and having an investment firm with money in the Cayman Islands, a known tax haven.
Our Revolution is Steyer’s first major endorsement from a national progressive group. He’s also been endorsed by the California Teachers Association, another progressive advocacy organization called Courage California, and four Democratic state assembly members.
“We stand a risk of giving California to the Republicans. And that would be the worst outcome possible,” Geevarghese said. “Democrats could do themselves in here and be their worst enemy.”
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