An anti-billionaire group founded by far-left U.S. Sen. Bernie Sanders (I-Vermont) said this week it endorses Democrat Tom Steyer — a billionaire — to be governor of California, sparking accusations of hypocrisy.
The group Our Revolution defended its endorsement of Steyer, who amassed a $2.4 billion estimated fortune in the private equity world, as critics ridiculed the group for the flip-flop.
“Yes, Tom Steyer is a billionaire. But it matters what he is doing with that power,” the group said on its website.
It’s the first time the Sanders-backed organization, which rails against “oligarchy,” has backed a billionaire, it noted.
“At a moment when too many defend the status quo, Tom has taken a different path — challenging the very system that benefits people like him,” Our Revolution Executive Director Joseph Geevarghese said in a statement.
Steyer has tacked on to the left-wing lane in the governor’s race, branding himself as an enthusiastic backer of proposals such as the state’s proposed billionaire tax, single-payer health care, and making companies pay for pollution.
The candidate also praised Our Revolution. In past video messages, Steyer has said he was wrong and Sanders was right on a number of issues, particularly single-payer health care.
“Our Revolution has done the hard, essential work of organizing and empowering progressive voters for a decade,” Steyer said in a statement. “I’m honored to receive this endorsement.”
Critics were quick to note the irony in Our Revolution’s endorsement.
“How does the anti-billionaire group get away with endorsing a billionaire for California governor?” wrote investor Spencer Camp on X.
“Beyond parody,” quipped Republican strategist Steve Guest.
Steyer’s background may still give progressive voters some pause.
Steyer earned $67 million from U.S.-based private equity funds offered by Hellman & Friedman and Golden Gate Capital in 2021, tax returns show. An investment firm of his, Galvanize Climate Solutions, also reportedly had around $1 million based in the Cayman Islands, one common tactic that the industry uses to base their money in tax-free or tax-light jurisdictions.
A prominent donor to the Democratic Party, Steyer has also been involved with multiple “dark money” groups and networks — which don’t have to disclose donors — despite proclaiming such organizations “should have no place in our politics.”
The candidate has admitted in the past the contradiction between his platform and his political investments.
“I get that it’s ironic. It’s ironic to me, too,” he said at a campaign stop in New Hampshire in 2020. “We live in the world. Not in the world we dream of. We live in the world we’re in.”
Steyer is one of the top-polling Democrats in the governor’s race. In a new poll by the California Democratic Party, Steyer and dark horse candidate Xavier Becerra were tied at 13% ahead of all the other Democrats.
Sanders’ own net worth has been pegged at $2.5 million, thanks in part to book sales and real estate holdings.
