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For those concerned about the influence of Big Tech and billionaires on California’s future, Tom Steyer seems like an obvious choice. A billionaire who made his fortune founding Farallon Capital Management, one of the world’s largest private equity firms, Steyer left the company in 2012 to pursue philanthropy, political advocacy, and climate advocacy, among other things. Now, he’s vying for a position in a minority of Democratic and GOP candidates who want to advance from the June primary and win the California governorship this November.
Ahead of the midterms, I’m talking to WIRED’s favorite candidates: A few weeks ago. I spoke with Alex Boresrepresentative of New York’s 12th Congressional District, whose history as a Palantir The activist’s stance on AI legislation has drawn the ire of Silicon Valley-backed super PACs.
Steyer felt like an obvious choice to talk about: he’s running to lead a world where issues like AI, immigration enforcement, and climate change are among WIRED’s biggest topics. Steyer’s stance on the competition is unique. Known as a “conspiracy group” for going after his elite colleagues, he has said he supports California’s Billionaire Tax Act — which has everyone from Sergey Brin to Peter Thiel either on the move or threatening to flee the state — and has campaigned hard on affordability, climate policy, and a promise of corporate neutrality. (As a billionaire who is spending over $130 million on his presidential campaign, I hope he does.)
As I said, for some Democratic voters, Tom Steyer seems to have checked a lot of boxes. Then he starts talking.
Steyer is adept, as politicians are, at toeing the line. But the line, in politics in general and in California in particular, seems to be a problem: Steyer, or whoever is elected governor this November, will be walking too thin. Taxing California’s billionaires without alienating them. Holding the development of AI in the government without shaking it (or, again, separating the billions of construction).
I can understand Steyer’s reluctance to come down too hard or dig deeper into things, perhaps to avoid derailing a potential vote. Which made me wonder: Can Tom Steyer be a legitimate governor for the billionaires who pay their taxes? Will they be happy with the progress of the “incredible mind” in AI while bringing the industry to heel? Can he learn the name of WIRED’s international director (me) before interviewing him?
The third question is answered in the discussion. Those two will be very difficult for whoever is elected governor of California – and I didn’t leave our conversation convinced that Steyer’s position is compatible. A minimum requirement for a California governor may be the ability to use Google.
These interviews have been edited for length and clarity.
KATIE DRUMMOND: Welcome, Tom, thanks for joining us Big Questions.
TOM STEYER: Kate (sic), thanks for being with me.
So, you are a billionaire. You made your money in the hedge fund world. But now, over the last decade or so, you’ve become a meteorologist. Tell us about that transformation.
When I was growing up, when I had free time, either from school or work, I tried to go to the spa and get outside jobs. I worked as a herder, picking fruit. Before I went to business school, I spent a summer in Alaska, and I went to Alaska because I wanted to see what North America looked like before the Europeans came.
I wanted to see animals, I wanted to see birds, I wanted to see fish, I wanted to look at Denali. I wanted to see what it looked like, the vast, rich and fertile North America.
