Steyer is joining a crowded field of candidates seeking California's top office, including Democrats Xavier Becerra, Ian Calderon, Stephen Cloobeck, Katie Porter, Tony Thurmond, Antonio Villaraigosa, and Betty Yee. Prominent Republicans running for the office include Chad Bianco, Steve Hilton, and Leo Zacky.

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.