Billionaire Tom Steyer wants to take on the rich in run for California governor

SACRAMENTO, Calif. (AP) — Billionaire climate activist Tom Steyer is selling himself as a class traitor in his bid for California governor.

The Democrat with a personal fortune estimated at $2.4 billion wants wealthy people and corporations to pay higher taxes. He's endorsed by a progressive advocacy group that believes billionaires shouldn't exist. He founded one of the world's largest hedge funds yet he's the candidate taking the heaviest hits from business groups.

“I'm the billionaire who wants to tax other billionaires,” he's fond of saying, though he's given only tenuous backing to a billionaires' tax proposal likely to appear before California voters in November.

Steyer has long leaned into the contradictions between his business success and political views. While his hedge fund invested in fossil fuels, Steyer spent millions to protect a California law aimed at curbing planet-warming emissions. As a presidential candidate in 2019 vying to succeed President Donald Trump, another rich man, Steyer championed eliminating corporate money from politics.

“I’m not one of the people who begrudges people’s success,” Steyer told The Associated Press, referring to businesspeople who become wealthy in California. “If you’re going to come here and build a company and make a ton of money, great.”

“But you’re part of a system — you’re depending on a system built by, basically, poor people,” he continued. “If you aren’t willing to pay your fair share, I feel like you’re spitting on those people.”

His stances, often unpopular with other billionaires, have earned him staunch support from some and persistent skepticism from others. Despite his vast wealth, progressive supporters perceive him as “one of the good ones” who will stand up to monied interests. But critics in both parties view him as disingenuous and making unrealistic promises to appeal to voters. Democratic rivals accuse him of trying to buy the election, noting he's spending nearly 30 times the amount of his nearest party opponent on ads.

After decades of using his pocketbook to influence politics and policy, Steyer is now a leading contender in the race to govern the nation’s most populous state and one of the world’s largest economies ahead of the June 2 primary. His former hedge fund's investments have been a persistent topic of criticism from his Democratic rivals.

“You made the billions that you're using to fund your campaign off fossil fuels,” former U.S. Rep. Katie Porter charged during Tuesday night's debate. Steyer responded by noting business groups are spending to oppose him: “That's how you know I'm for real.”

Steyer, 68, founded Farallon Capital Management in 1986 in San Francisco. He earned the respect of business peers for the firm's rapid success and learned to weather criticism from environmentalists for the company’s stakes in oil and coal. In 2012, he left and founded NextGen America, a group encouraging young people to vote.

Much of his political giving has focused on climate change, including a $5 million donation in 2010 to oppose a California ballot proposition that would have suspended a law requiring the state to reduce its greenhouse gas emissions. The climate law prevailed. Starting in 2013, he used the political arm of NextGen to back governor and U.S. Senate candidates seen as strong on climate with mixed success.

Steyer has spent more than $62 million on California ballot measures, including an unsuccessful effort in 2020 to keep a law that eliminated cash bail. He was one of the largest donors to a successful 2016 measure to tax tobacco products to raise money for healthcare for low-income Californians.

His contributions have been met with some cynicism. Longtime Sacramento strategist Rob Stutzman, a Republican, pointed to an ad Steyer paid for last year that prominently features him urging voters to support a redistricting ballot measure. It was an initiative championed by Gov. Gavin Newsom, and Steyer had no involvement other than simply spending on advertising.

Steyer “has always been a self-promoter with his dollars,” Stutzman said.

Steyer says he wants to tackle three main crises: climate change, California's high cost of living and threats from the Trump administration.

Hundreds of people gathered at a ping-pong club and bar in San Francisco recently to drink cocktails and nibble on hors d’oeuvres — on the campaign dime — as Steyer touted his commitment to fighting climate change. His plan is light on specifics but includes defending the state’s cap-and-trade program.

Some major environmental groups have endorsed him. Progressive organizations have also backed him, including Our Revolution, which was founded by Vermont Sen. Bernie Sanders and advocates for ridding politics of corporate and billionaire influence. State Assemblyman Alex Lee, chair of the progressive caucus, said he's backing Steyer in part due to his support for a government-run healthcare system, an idea that's failed repeatedly in Sacramento.

Lee was hesitant to back a billionaire but said Steyer is different.

“He is someone who became wealthy in his lifetime,” Lee said, “but didn’t go off and become (Mark) Zuckerberg level.”

Meanwhile, Pacific Gas & Electric, one of the nation's largest utilities, spent $10 million to oppose him. Steyer has vowed to “break up utility monopolies” to bring down Californians’ notoriously high electricity rates. One ad funded in part by PG&E says Steyer isn't a “different type of billionaire” as he claims. The California Chamber of Commerce says Steyer will raise costs, not lower them.

“His policy promises will cost billions, driving investment out of California and worsening the state’s affordability crisis,” chamber spokesperson John Myers said in a statement.

It remains to be seen whether money and endorsements will translate into votes. Some political observers say it would be evident by now if Steyer was poised to break away from the pack, given his spending blitz.

Money wasn't enough in the 2020 Democratic presidential contest. Steyer staked his campaign largely on appealing to voters of color, highlighting inequalities in healthcare access, the environment and criminal justice system. In South Carolina, he spent $24 million on ads — more than all the other candidates combined — but dropped out after finishing third.

He often garnered attention for his quirks over his policies — the red tartan tie and colorful belt he made part of his campaign trail uniform, his dance moves to a performance by rapper Juvenile.

Steyer had planned to spend $100 million, and his wealth proved a liability in a race where rivals including Sanders decried the existence of billionaires.

He's spent more in the California governor's primary alone, including on an ad attacking a rival. This time, he's being received differently.

“Tom Steyer is running on taxing the wealthy, supporting single-payer healthcare, and taking on corporate power — positions that are central to our movement,” Our Revolution Executive Director Joseph Geevarghese said in a statement. “That alignment with a pro-worker, anti-corporate agenda — and the urgency of this race — is why we are backing him.”

Associated Press politics reporter Meg Kinnard in Columbia, South Carolina, contributed to this report.

Chad Bianco, left, and Tom Steyer speak with members of the media following a California gubernatorial debate hosted by CBS LA at Pomona College in Claremont, Calif., Tuesday, April 28, 2026. (AP Photo/Jae C. Hong)

Tom Steyer speaks during a gubernatorial debate hosted by CBS LA at Pomona College in Claremont, Calif., Tuesday, April 28, 2026. (AP Photo/Jae C. Hong)

Tom Steyer speaks with members of the media following a California gubernatorial debate hosted by CBS LA at Pomona College in Claremont, Calif., Tuesday, April 28, 2026. (AP Photo/Jae C. Hong)

California's gubernatorial candidate Tom Steyer speaks after a gubernatorial debate hosted by Nexstar, Wednesday, April 22, 2026, in San Francisco. (AP Photo/Godofredo A. Vásquez)

MANCHESTER, England (AP) — It was possibly the wildest match in Champions League history and may just change some long-held perceptions about soccer.

Paris Saint-Germain's 5-4 win over Bayern Munich on Tuesday felt more like an NBA game than a traditional soccer match and set new goalscoring records for the sport's biggest club tournament.

And it might not be just a one-off. The thrilling first leg of the semifinals in Paris points toward a growing trend as some coaches embrace a high-risk, high-reward strategy that is leaving fans breathless.

PSG coach Luis Enrique summed it up perfectly, telling French broadcaster Canal+ that "we deserved to win, but we also deserved a draw, and we would have even deserved to lose, because this game was that incredible.”

Despite being the world's most popular sport, soccer has been criticized, in the United States in particular, because of the low-scoring nature of games, which can result in single-goal victories or even goalless ties over 90 minutes of play.

Compare that to the high octane, high-scoring NBA or NFL and it is understandable why soccer has taken time to fully grab the attention of U.S. fans.

But Champions League holder PSG is at the vanguard of soccer's new entertainers, with Luis Enrique an uncompromising coach, determined to reach new levels of excitement in his pursuit of dominance.

PSG became champion of Europe for the first time last year by beating Inter Milan 5-0 in the final in one of the most spectacular performances in the tournament's history. It completed a trophy treble for the French club, which also won its national league title and cup last season.

Luis Enrique also won the Champions League with Barcelona in 2015 and on Tuesday became the fastest coach to record 50 victories in the competitions — proving his all-action approach is working.

It is no surprise then that his methods are being echoed elsewhere. Not least by Bayern, which has blazed a trail through the Champions League this term under Vincent Kompany and already clinched the German title.

PSG, with 43 goals, is the highest-scoring team in the Champions League this season. Bayern is second with 42.

Tuesday's nine-goal thriller was the highest-scoring semifinal in the history of the competition and neither club is talking about changing its approach for the second leg in Munich next week.

“I asked my staff how many goals we think we’ll have to score, and we agreed on three,” said Luis Enrique. "We’ll show the same mentality. We’ll be going to win the match.”

PSG's Ballon d'Or winner Ousmane Dembele is also ready for another high-scoring affair.

“We won’t change our philosophy. We want to attack and so do they, so I think a great game is in the offing,” Dembele told Canal+.

Kompany, who was a serial title-winning defender for Manchester City in his playing days, is showing his offensive flair as a coach.

“It’s one thing to look at the goals conceded — normally, five goals away from home in a Champions League semi-final, you’re out,” he told Amazon Prime. "But if you look at the chances we created, we could have scored more. And that has to give us belief.”

Soccer has always involved contrasting styles of attack and defense. Brazil has traditionally been a team that embraces the individual flair of its players. Italy has been more defensive and has nullified opponents' attacking strengths.

Two-time Champions League-winning coach Jose Mourinho has taken a more pragmatic approach to winning the competition — shutting opponents down with well-organized and powerful teams. Pep Guardiola, by contrast, has tried to dominate games with the ball and has won Europe's top prize on three occasions. That approach has sometimes been used to criticize him when, despite having some of the best players in the world at Man City, he has often fallen short in the Champions League.

It is refreshing to hear both Luis Enrique and Kompany accept the dangers associated with their all-out attacking soccer.

“It’s my job to accept nothing but perfection," said Kompany. "There was a part of the match that was inevitable, and that was the risks that we were both willing to take.”

Higher scoring games are the trend in the Champions League. This season there is an average of well over three goals a game (3.51).

That is above last season's 3.27, which was the previous highest average.

Each of the last five seasons feature in the top seven high-scoring Champions League campaigns, pointing to a clear trend toward more attacking soccer since the turn of the decade. In only one of those years did the average drop below three goals a game — in 2022-23 when it dipped to 2.98.

The European Cup was rebranded as the Champions League in 1992. During the 1990s the average goals per game was 2.69 and that figure dropped to 2.59 from 2000-10.

It rose to just under three goals a game (2.95) from 2010-20 and so far this decade the average is three goals a game, with teams loading their lineups with attacking talent.

PSG is led by Dembele, who is flanked by brilliant wingers like Khvicha Kvaratskhelia and Desire Doue.

Bayern has England captain Harry Kane, who took his season's tally to 59 goals in 51 appearances for club and country this season when opening the scoring on Tuesday. The German giant has also paid big money for France star Michael Olise and Colombia forward Luis Diaz. Both also scored at the Parc des Princes.

Barcelona is another leading proponent of thrill-first soccer, and features the spectacular Spanish teenager Lamine Yamal, Brazil winger Raphinha and goal-scoring icon Robert Lewandowski. But its German coach Hansi Flick has been criticized for being too open in Europe — most notably by losing 7-6 on aggregate to Inter Milan in last year's semifinals.

The good news for fans next week is that PSG and Bayern seem determined to stick to their attacking principles, which should serve up another thrilling clash.

“The game there will be the same game — a crazy game between two teams that want to win and score. We need to go there with the same mentality, the same personality, so we can do an amazing job there like we did here,” PSG captain Marquinhos said.

James Robson is at https://x.com/jamesalanrobson

AP soccer: https://apnews.com/hub/soccer

PSG's Ousmane Dembele celebrates after scoring his side's third goal during a Champions League semifinal, first leg, soccer match between Paris Saint-Germain and Bayern Munich in Paris, Tuesday, April 28, 2026. (AP Photo/Aurelien Morissard)

PSG fans light flares on the stands during a Champions League semifinal, first leg, soccer match between Paris Saint-Germain and Bayern Munich in Paris, Tuesday, April 28, 2026. (AP Photo/Aurelien Morissard)

Bayern's Michael Olise celebrates after scoring his side's second goal during the Champions League semifinal first leg soccer match between Paris Saint-Germain and Bayern Munich in Paris, Tuesday, April 28, 2026. (AP Photo/Christophe Ena)

PSG's Khvicha Kvaratskhelia celebrates after scoring his side's fourth goal during the Champions League semifinal first leg soccer match between Paris Saint-Germain and Bayern Munich in Paris, Tuesday, April 28, 2026. (AP Photo/Christophe Ena)

Bayern's Harry Kane celebrates after scoring a penalty, the opening goal of his team during the Champions League semifinal first leg soccer match between Paris Saint-Germain and Bayern Munich in Paris, Tuesday, April 28, 2026. (AP Photo/Christophe Ena)