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Billionaire Democrat Tom Steyer Announces 2020 Presidential Run

Tom Steyer, founder of NextGen Climate, speaks during the California Democratic Convention in San Francisco, Calif., June 1, 2019. (Stephen Lam/Reuters)

Billionaire Tom Steyer announced Tuesday that he will join the crowded field vying for the 2020 Democratic presidential nomination, and promised to commit at least $100 million of his personal fortune to the campaign.

The 62-year-old hedge-fund manager made his announcement in a video message posted to Twitter, in which he took aim at drug companies, banks, and corporations, which he said should not have an “unlimited ability to participate in politics.”

“Almost every single major intractable problem, at the back of it you see a big-money interest for whom stopping progress, stopping justice is really important to their bottom line,” Steyer said, before promising to “take the corporate control out of our politics.”

“Corporations don’t have hearts, or souls, or futures. They don’t have children. They have a short time frames and they really care about just making money,” he continued. “If this is a banana republic with a few very, very rich people and everybody else living in misery, that’s a failure.”

The major Democratic donor, who has advocated and financed investment in renewable energy, said reducing corporate influence in politics will also aid in fighting the “devastating impacts of climate change.”

Steyer, who earlier this year said he’d decided not to run, has already missed the first Democratic primary debates, which were hosted by NBC and MSNBC at the end of last month.

Steyer, who has spent millions on a movement lobbying for President Trump’s impeachment, declined in his announcement to mention Trump by name.

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