Tom Steyer, a billionaire philanthropist and climate activist who previously made an unsuccessful run for president in 2020, has entered the already crowded race to replace Gavin Newsom as California'...

Tom Steyer, the billionaire Democratic activist and former presidential candidate, became the latest contender Wednesday in the race to succeed California Gov. Gavin Newsom.

Steyer made his billions as the founder of Farallon Capital, a hedge fund headquartered in San Francisco.