Tom Steyer, a billionaire known for his business acumen and activism, has thrown his hat into the ring for California’s gubernatorial race as a Democrat. Steyer, who previously funneled his own funds into an unsuccessful presidential bid and efforts to impeach former President Donald Trump, is now setting his sights on the governorship.

At 68, Steyer’s vast financial resources position him as a formidable player in a crowded field. The race features over half a dozen Democrats and two Republicans, all vying in a nonpartisan primary in June. The top two candidates from this round will progress to the November election, aiming to succeed current Governor Gavin Newsom, who is limited by term constraints.

In launching his campaign, Steyer has committed to fostering economic improvement, emphasizing his track record as an advocate for consumer rights, environmental protection, and the working class.

“Californians deserve a life they can afford,” Steyer declared in a video released Wednesday morning. “But the Californians who make this state run are being run over by the cost of living.”

His candidacy sets the stage for a showdown with other prominent figures such as progressive Congresswoman Katie Porter, former Los Angeles Mayor Antonio Villaraigosa, and former U.S. Health and Human Services Secretary Xavier Becerra.

Once considered a leading contender, Porter now faces a more unpredictable race. Steyer’s financial might could prove advantageous, enabling him to reach California’s nearly 40 million residents through extensive television and digital campaigns across the state’s diverse media markets.

Steyer nodded to his wealth Wednesday, noting his business enterprises made “billions of dollars.” But he also sounded populist tones.

“The richest people in America think that they earned everything themselves,” he said, before dismissing that notion with an expletive for bovine excrement. “That’s so ridiculous.”

Steyer said he would “make corporations pay their fair share again,” and his campaign cited his previous work on ballot initiatives with similar aims. Steyer was a leading advocate for a 2012 ballot initiative that made it harder for corporations to avoid certain taxes. The new revenue was steered to energy improvements in the state’s public schools.

In other referendum work, Steyer helped lead the 2016 campaign that yielded a $2 per-pack tax hike on tobacco products. The money was steered to state health care programs, including tobacco-prevention efforts. And Steyer was a top opponent of a 2010 ballot initiative that would have rolled back California’s clean air and climate law, which has been viewed as a national standard on climate policy.

Steyer spent millions of his own money touring the country and pushing for Trump’s impeachment during the Republican president’s first term. He then ran for the 2020 Democratic presidential nomination, spending more than $200 million of his fortune and receiving no pledged delegates. After distant finishes in the Iowa caucuses and New Hampshire primary, Steyer doubled-down with an expensive push in South Carolina, only to finish a distant third behind eventual nominee and President Joe Biden and Vermont Sen. Bernie Sanders. Steyer then ended his presidential bid, and he financially supported Biden’s reelection in 2024 before the Democrat bowed out in favor of then-Vice President Kamala Harris, another Californian.

Steyer’s latest campaign comes amid some Democrats questioning Porter’s candidacy after her combative exchanges with a TV journalist spread online in October. He has long been mentioned, along with Harris, as a potential heavyweight candidate who could join the field.

Harris, who is on a national tour promoting her 2024 campaign memoir, has said consistently that she has no plans to run — suggesting instead that any future campaign would be for the presidency.

“I will be voting,” she told The Associated Press on Oct. 17 when asked about entering the governor’s race. Asked whether she was satisfied with the field as Porter faced her most intense criticism, Harris said only that she wanted Democrats to have “the best and the brightest running and winning” and that she was “not actively involved.”