Billionaire California gov. candidate Tom Steyer regrets investing in ICE facility firm
Share this @internewscast.com

Progressive billionaire Tom Steyer has been vocal in his calls to “abolish ICE” to California voters, even though he previously invested nearly $90 million in a company that operates the state’s largest immigration detention center.

Despite efforts to dismiss these criticisms, Steyer recently addressed the issue in an interview with the Sacramento Bee, acknowledging it as a “mistake.”

“We were never involved in managing the company,” Steyer explained. “However, it was an error to think that investing in that area was acceptable.”


Prisoners in an exercise yard surrounded by multiple fences topped with razor wire, with a building behind them in a desert landscape.
Prisoners are seen inside a prison exercise yard at the California City Immigration Processing Center, the state’s newest and largest ICE prison, on March 25, 2026 in California City. Getty Images

Back in 1986, Steyer established Farallon Capital Management, a hedge fund that, under his leadership, invested in CoreCivic, a company that manages private prisons. At its peak, Farallon’s stake in CoreCivic was valued at $89.1 million.

Currently, CoreCivic operates five facilities in California, according to its website, with at least two housing individuals detained by federal immigration authorities—one located near San Diego and another in Kern County.

Steyer departed from Farallon and divested his interest in the hedge fund in 2012.

The candidate’s ties to CoreCivic are coming under increased scrutiny by the left. After the implosion of U.S. Rep. Eric Swalwell’s campaign this weekend, Steyer is now one of two leading Democratic competitors set to swoop up most of Swalwell’s voters and surge in the polls.

Steyer has framed his regret being involved with CoreCivic as a wake-up call that led him to walk away from the hedge fund industry. He said it also led to his work advocating against mass incarceration.

“It was also a big wake-up call that I was in the wrong place, that I was in a business that was taking me to places I absolutely didn’t want to go,” Steyer said at a March town hall. “And there’s a reason I walked away from that business and walked away from a ton of money.”


California gubernatorial candidate Tom Steyer sits at a table, hand to his chin, during a meeting in Imperial Beach.
California gubernatorial candidate Tom Steyer REUTERS

Candidates aren’t letting up on their attacks against Steyer as they attempt to link him with ICE.

“Before he was a progressive, he made millions off of companies that operate ICE detention centers, that operate private prisons that incarcerated young children,” state Superintendent of Public Instruction Tony Thurmond said in an interview with an influencer late March.

Ads have bombarded televisions highlighting his link. The billionaire has aired ads trying to tell viewers that those other ads are false, Politico reported.

“Those investments were 20 years ago, and I left my firm over a decade ago and pledged most of my earnings to charity,” Steyer said in his hitback.

Regardless, Steyer is still seeing momentum. A poll dropped Tuesday, conducted April 8 to 10, showed him leading the entire field at 21%.

Share this @internewscast.com
You May Also Like
Jury finds Leah Grady guilty of resisting officers at Jacksonville City Council meeting

Jury Convicts Leah Grady of Resisting Arrest at Jacksonville City Council Session

In a case that has captured local attention, Leah Grady, a 24-year-old,…
Trump predicts Iran war is 'very close to being over' after telling The Post peace talks resuming soon

Trump Foresees Imminent End to Iran Conflict as Peace Talks Set to Resume

President Trump has declared that the conflict with Iran is nearing its…
Tom Steyer's Latest Incendiary ICE Proposal and Call to Arms Is So Outlandish, Even Newsom Might Blush

Tom Steyer’s Bold ICE Proposal: A Controversial Move That Could Shake Up California Politics

The California governor’s race has taken an unexpected turn with the sudden…
Guards at 'Alligator Alcatraz' beat, pepper-sprayed detainees, lawyer says

Abuse Allegations Surface at ‘Alligator Alcatraz’: Guards Accused of Beating and Pepper-Spraying Detainees

According to an attorney representing two detainees, guards at an immigration detention…
Disgruntled worker invokes Luigi Mangione in $500M warehouse inferno he filmed in anti-capitalist rage: feds

Warehouse Inferno: Discontented Employee Cites Anti-Capitalist Sentiment and Luigi Mangione in $500M Blaze, Say Federal Authorities

A disgruntled employee from the Inland Empire, who allegedly caused $500 million…
Trump says China agrees not to send Iran weapons, predicts Xi Jinping will give him 'big, fat hug'

Trump Claims Victory in Diplomacy: China Halts Arms to Iran, Foresees Warm Embrace from Xi Jinping

WASHINGTON — In a recent statement, President Trump announced that China has…
California Republicans call for special legislative session on fraud

California Republicans Advocate for Special Legislative Session to Address Fraud Concerns

On Wednesday, Republicans in the California State Assembly criticized Democratic Governor Gavin…
U.S. Navy Destroyer Prevents Two Oil Tankers from Leaving Iran

U.S. Navy Intercepts Two Oil Tankers Attempting to Depart Iran

The United Nations Navy is ramping up efforts to enforce the blockade…
Creep seen in viral video breaking into Fairfield home makes appearance in court

Viral Video Suspect in Fairfield Home Invasion Appears in Court: Latest Updates

A high-profile home invasion case in the Bay Area has intensified in…
Fed-up dumpster company empties full load onto lawn of customer they say refused to pay bill

Dumpster Dispute: Waste Company Dumps Load on Lawn Over Unpaid Bill Controversy

A trash removal company in California has come under scrutiny after a…
Powerball going international in effort to build larger jackpots; Executives say the higher the jackpots grow the more people play

Powerball Expands Globally to Boost Jackpot Sizes; Executives Note Increased Participation with Larger Prizes

Powerball is set to make its debut across the Atlantic. The popular…
Nevada mom Haleigh Knight faked cancer diagnosis to scam more than $20K from victims

Nevada Resident Haleigh Knight Accused of Fabricating Cancer Diagnosis in $20K Fraud Scheme

In a startling revelation, a Nevada mother admitted to concocting a story…