In a California gubernatorial race characterized by a lack of clear progressive choices and the specter of an all-Republican general election under the state’s so-called “jungle primary,” a hedge fund billionaire who believes that plutocrats like himself should pay more taxes is gaining progressive support.

On Tuesday, Farallon Capital founder Tom Steyer was endorsed by Our Revolution, the progressive political action group launched as a continuation of Sen. Bernie Sanders (I-Vt.) kneecapped 2016 presidential campaign.

Our Rev said that Steyer “has stepped forward with a platform that is clearly aligned with the priorities of our movement—single-payer healthcare, taxing extreme wealth, bold climate action, and getting money out of politics.”

Steyer was interviewed Tuesday by The Lever’s David Sirota, who asked about Our Revolution’s support for a plebiscite to “tax billionaires like yourself,” and how he squares “being the progressive movement’s choice in this race while being one of the people who there’s a ballot initiative to tax more.”

The California Billionaire Tax would impose a one-time 5% wealth tax on people worth $1 billion or more, to be paid in annual installments of 1% over five years. According to Forbes, Steyer is currently worth $2.4 billion.

“Well, David, I think people like me who are billionaires should pay more taxes,” Steyer said.

“I’m the billionaire who wants to tax people like me more,” Steyer added. “I’m the billionaire who’s willing to stand up to the monopolies and the people who are ripping off Californians. I’ve done it for 15 years and I’ll keep doing it.”

That message has been echoed in one of Steyer’s campaign ads, in which he asserts that “it’s time for billionaires like me and big corporations to buy into the future of California and be willing to pay more.”

Steyer continues:

A lot of people in California are acting as if we have a zero-sum game and they’re defending their wealth and they’re trying to make sure that they minimize their taxes. I am not scared about paying more money. Working Californians are being priced out of this state. It is not okay. We are creating more than enough money in this state for us all to succeed together without anybody suffering… [I] think that everybody who succeeded in this state owes a huge debt to the people who built this state and the working people who make this state run and work their asses off.

“We need to change our tax system,” Steyer concludes in the ad. “We need more revenue. We need to be fair and I pledge to do all of those things. This is not rocket science.”

In addition to his stance on taxation, Steyer has gained progressive support by funding climate initiatives, opposing the Trump administration’s deadly anti-immigrant crackdown, and pouring more than $120 million into efforts to impeach President Donald Trump and in support of Proposition 50, the successful state ballot measure to redraw the state’s congressional map in retaliation for Trump-backed Republican gerrymandering in Texas. He is also a prolific philanthropist.

On the flip side, the fact that Steyer is a hedge fund billionaire whose heavily self-funded campaign is the opposite of grassroots continues to fuel skepticism among progressives, many of whom view the mere existence of billionaires as an abject public policy failure. Steyer also came under fire over the revelation that his portfolio had been invested in private prison stocks decades ago.

Steyer said during his interview with Sirota that he doesn’t agree with the assertion that billionaires are a public policy failure.

“I think that phrase obviously goes back to Karl Marx,” he said. “And I believe if someone wants to come to California who has an idea to change the world and forms a company around it and it does really well and as a result they make a lot of money, that’s fine with me.”

With a dearth of progressives to choose from, more and more left-leaning groups and individuals are throwing their support behind Steyer. These include Courage California, Third Act, the California Teachers Association and other labor groups, and state lawmakers including Assemblymen Ash Kalra (D-25) and Alex Lee (D-24).

Some progressives are reluctantly backing Steyer due to the very real possibility of an all-Republican general election under California’s open primary—in which the top two vote-getters advance, regardless of party. The “jungle primary” is set for June 2.

The latest weighted polling shows Trump-backed Fox News host Steve Hilton leading the race with 16% support, followed closely by Riverside County Sheriff Chad Bianco at 14%. Those Republicans are trailed by Steyer (13%) and other Democrats: former California Attorney General Xavier Becerra (13%), former Congresswoman Katie Porter (10%), and San Jose Mayor Matt Mahan—the top choice of numerous Big Tech billionaires—at 5%.

Erstwhile Democratic frontrunner and now former Congressman Eric Swalwell suspended his race for governor and quit Congress earlier this month amid mounting allegations of rape and other sex crimes that he has denied.

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