Tom Steyer Wants to Save California From Billionaires. But Also Doesn’t Want Them to Leave

A striking development has emerged in artificial intelligence. Katie DrummondVideoMay 19, 2026 6:30 AMTom Steyer Wants to Save California From Billionaires. But Also Doesn’t Want Them to LeaveThe hedge fund billionaire turned gubernatorial candidate wants to tax California’s ultrawealthy, regulate AI, and keep Silicon Valley happy at the same time. Photo-Illustration: WIRED Staff; Getty Images Save this story Save this storyFor those concerned about the influence of Big Tech and billionaires on California’s future, Tom Steyer looks like an obvious choice.

A billionaire who amassed his fortune after founding Farallon Capital Management, one of the world’s biggest hedge funds, Steyer quit the firm in 2012 and turned to philanthropy, political advocacy, and climate activism, among other pursuits. Now, he’s jostling for position among a handful of Democratic and GOP candidates looking to advance from a June primary and then win the California governorship this November. Ahead of the midterms, I’m talking to candidates relevant to WIRED’s interests: A few weeks ago I spoke with Alex Bores, a candidate for New York’s 12th Congressional District, whose history as a Palantir employee and stance on AI regulation has attracted the ire of Silicon Valley–backed super PACs.

Technical Details

Steyer felt like the next obvious choice for a conversation: He’s running to lead a state where issues like AI, immigration enforcement, and climate change, among other core WIRED subjects, are paramount. Steyer’s posture in the race is also unique. He’s been described as a “class traitor” for ostensibly eschewing his fellow elites, voiced support for California’s controversial Billionaire Tax Act—which has everyone from Sergey Brin to Peter Thiel either making moves to or threatening to flee the state—and campaigned hard on affordability, climate policy, and the promise that he’s immune to corporate influence.

(As a billionaire spending more than $130 million on his own gubernatorial campaign, I certainly hope he would be. )As I said, for some Democratic voters, Tom Steyer seems to check a lot of boxes. Then he starts talking.

Steyer is adept, as politicians usually are, at toeing the line. But the line, in politics generally and California specifically, seems to be the problem: Steyer, or whomever is elected to the governorship this November, will be walking an exceedingly thin one. Taxing California’s billionaires without alienating them.

Industry Implications

Getting a grip on the state’s AI development without throttling it (or, again, alienating the billionaires building it). I could feel Steyer’s reluctance to come down too firmly or dig in too deeply on issues, maybe to avoid alienating any potential voting block. Which made me wonder: Can Tom Steyer be a pro-billionaire governor who also taxes the hell out of them?

Can he rave about the “mind-blowingly amazing” advances in AI while bringing the industry to heel? Can he learn the name of WIRED’s global editorial director (me) before she interviews him? The third question is answered in the interview.

This advance offers important signals about the future of the sector, and the tech world is watching closely.