Tom Steyer

At 66 years old, Tom Steyer has this physical status:

Thomas Fahr Steyer (born June 27, 1957) is an American billionaire, hedge fund manager, philanthropist, environmentalist, liberal feminist, and fundraiser.

Steyer is a founder and former co-managing-partner of Farallon Capital and the co-founder of Onecalifornia Bank, which later became (by merger) Beneficial State Bank, a Oakland-based community development bank.

Farallon Capital has invested $20 billion in institutions and high-net-worth individuals.

College endowments and foundations are among the firm's institutional investors.

Steyer has been a partner and member of the executive committee at Hellman & Friedman, a San Francisco-based $8 billion private equity company. Steyer and his wife joined The Giving Pledge in 2010 to give half of their money back to charity over the course of their lifetime.

In 2012, he sold his interest in Farallon Capital and retired from Farallon Capital.

Steyer, a Stanford University trustees, changed his attention to politics and the environment, launching NextGen America, a non-profit group that promotes progressive viewpoints on climate change, immigration, health care, and education.

Early life and education

Steyer was born in Manhattan. Marnie (née Fahr) was a tutor of remedial reading at the Brooklyn House of Detention and his father, Roy Henry Steyer, was a partner in Sullivan & Cromwell's New York law firm and a prosecutor at Nuremberg Trials. His father was a non-practicing Jew, and his mother was Episcopalian.

Steyer grew up on Manhattan's Upper East Side and attended the Buckley School and Phillips Exeter Academy. He received a Phi Beta Kappa award for his work in economics and political science, and was elected to Phi Beta Kappa. He was captain of the soccer team. Steyer received his MBA from Stanford Graduate School of Business, where he served as an Arjay Miller Scholar at Yale. He has been on the board of trustees of Stanford University.

Personal life

Steyer married Kathryn Ann Taylor, a Harvard College graduate who earned a Master of Business Administration and a Juris Doctor from Stanford University in August 1986. The Reverend Richard Thayer, a Presbyterian minister, and Rabbi Charles Familant conducted the service. Samuel Taylor ("Sam"), Charles Augustus ("Gus"), Evelyn Hoover ("Evi"), and Henry Hume ("Henry") are among the four children. Kathryn was on the President's Council for the United Religion Initiative, an interfaith group.

Hume Steyer, an advocate, author, and a Stanford University professor, is Steyer's two brothers.

Steyer has a net worth of $1.6 billion. The modest aspects of his life were ignored, including the fact that he owns a "outdated hybrid Honda Accord" and avoids luxury items such as expensive watches. Steyer wears tartan neckties every day because "You gotta dress up for a fight."

Steyer had "a revelation" and began attending Episcopal Church, the faith of his mother (his father was a non-practicing Jew). He has said that during this period he became more interested in faith and theology. According to reports, the renewed enthusiasm fueled his political activism.

In 2018, Steyer received two suspicious parcels from convicted mail bomber Cesar Sayoc.

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Career

Steyer began his career at Morgan Stanley in 1979 after graduating from Yale. He attended Stanford Graduate School of Business after two years at Morgan Stanley. Steyer was with Goldman Sachs from 1983 to 1985 as an associate in the risk arbitrage division, where he was involved in mergers and acquisitions. He later became a partner and member of Hellman & Friedman, a San Francisco-based private equity firm.

Steyer founded Farallon Capital, a San Francisco hedge fund company headquartered in January 1986. Steyer made his fortune by heading Farallon, which was managing $20 billion by the time he left the company. Steyer was known for placing high demands on vulnerable funds in turbulent markets.

Steyer resigned from his Farallon job in October 2012 in order to promote alternative energies. Steyer opted to sell his carbon-polluting investments in 2012, but critics argue that he did not dispose of them quickly enough and predicted that the equipment he funded would outlive until 2030. According to a 2014 New York Times article, Farallon owned or lent money to Steyer coal mining companies, increasing their coal production by 70 percent annually since receiving funds from Farallon, and that Steyer remained invested in the Maules Creek coal mine. UnFarallon, a student advocacy group that formerly served in Farallon, chastised the corporation for investing in companies with anti-environmental policies. Some commentators reported in 2016 that Farallon had also invested in private prisons while Steyer was heading the hedge fund. Steyer was at the helm when the hedge fund purchased nearly $90 million in Corrections Corporation of America stock (5.5% of the company's outstanding shares), according to SEC filings. Steyer, who left Farallon, hosted the 'Big Think Climate Meeting' to discuss how to combat climate change.

It was announced on April 17, 2020, that California Governor Gavin Newsom had selected Steyer to chair a task force focusing on the state's economic recovery following the 2019-20 coronavirus pandemic. Janet Yellen, Disney Executive Chairman Bob Iger, and Apple Inc. CEO Tim Cook will all be included in the task force. Ann O'Leary, Steyer's co-chair, will be her political advisor.

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