Overview: Both as a donor and as a candidate, Tom Steyer has long been a major player in Democratic Party politics. Through his personally founded PACs NextGen and Need to Impeach, Steyer has given hundreds of millions of dollars to candidates and issue-based campaigns. Steyer’s main priority is pushing climate change to the top of America’s political agenda.
Location: San Francisco, CA
Total Donated (2016-2020): $202,372,098
Top Recipients: NextGen, Tom Steyer
Key Issues: Climate Change
Largest Donation to Date: $11 million to NextGen Climate Action
Profile: Before running for president in the 2020 election, Tom Steyer was the largest individual donor to Democrats. Steyer made his money running a hedge fund for about 25 years, and while he has given away a significant chunk of change as a political donor and philanthropist, he currently holds a net worth of $1.4 billion. Climate change has long been Steyer’s top issue, the one that attracted him to politics. He started NextGen Climate (now called NextGen America) in 2013 with the goal of forcing climate change into the national agenda.
Around the time he founded the group, Steyer said he wanted to reshape the landscape so candidates would be politically punished for not believing or acting on climate change. Most of his donations go through his PACs, with records showing he’s given at least $190 million of his own money to NextGen, and he’s given at least $1 million to a half-dozen California ballot initiatives, including a clean energy initiative and a measure to close tax loopholes in the state. After Donald Trump won the presidency, Steyer launched Need to Impeach in 2017 with the goal of getting him out of office—Steyer has given more than $27 million since its launch.
As a candidate, Steyer mostly funded his own campaign. He gave more than $340 million to his unsuccessful campaign for president, raising questions about whether running for office was more useful to his political goals than his philanthropy. Since dropping out, he’s continued to give to his NextGen PAC and the organization has focused on voter turnout and a variety of progressive issues. In 2020, he’s given $360,000 to a Biden campaign PAC and $2,500,000 to For Our Future, relatively small gifts compared to the checks he writes to NextGen.
Ideological Vibe: Progressive liberal. Steyer has distinguished himself among the billionaire class in his willingness to support economy-altering climate proposals and wealth taxes. He is a rare billionaire contributor to a member of The Squad—he’s given several donations to Rep. Rashida Tlaib—and has publicly supported the Green New Deal, championed by progressive Democrats, as part of his clean climate agenda.
Hits and Misses: Steyer staked his philanthropic career on his goal to normalize the science of climate change in American politics. The results have been mixed. While progressives in Congress have floated serious climate legislation like the Green New Deal and liberals have warmed to more holistic climate solutions, the Democratic nominee for president does not support the proposal, and climate denial among Republicans is alive and well. Another miss for Steyer, of course, was his multi-million-dollar, self-funded presidential bid.
Looking Forward: Steyer showed he can react quickly at the national level with his Need to Impeach campaign. He continues to push his clean climate agenda, and with his national profile only growing thanks to his presidential run, expect Steyer to continue making large gifts to progressives and liberal causes.
Relationships: NextGen America—Founder; Fahr LLC—Founder
Contact Information: N/A