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Home»National»Billionaire Tom Steyer drops $12 million to assist Proposition 50
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Billionaire Tom Steyer drops $12 million to assist Proposition 50

VernoNewsBy VernoNewsOctober 9, 2025No Comments4 Mins Read
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Billionaire Tom Steyer drops  million to assist Proposition 50
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As California voters obtain mail ballots for the November particular election, which might upend the state’s congressional boundaries and decide management of the Home, billionaire hedge-fund founder Tom Steyer stated Thursday he’ll spend $12 million to again Democrats’ efforts to redraw districts to spice up their social gathering’s ranks within the legislative physique.

The poll measure was proposed by Gov. Gavin Newsom and different California Democrats after President Trump urged Texas leaders to redraw their congressional districts earlier than subsequent yr’s midterm election. Buttressing GOP numbers in Congress might assist Trump proceed enacting his agenda throughout his closing two years in workplace.

“We should cease Trump’s election-rigging energy seize,” Steyer stated in a press release. “The defining combat by Nov. 4 is passing Proposition 50. With a view to compete and win, Democrats can’t maintain enjoying by the identical previous guidelines. That is how we combat again, and stick it to Trump.”

Steyer’s announcement makes him the most important funder of pro-Proposition 50 efforts, surpassing billionaire financier George Soros, who has contributed $10 million to the hassle.

Steyer based a hedge fund whose investments included huge fossil gasoline initiatives, however after he discovered of the environmental penalties of those monetary selections, he divested and has labored to combat local weather change. Steyer has spent a whole lot of tens of millions of {dollars} supporting Democratic candidates and causes and greater than $300 million on his unsuccessful 2020 presidential marketing campaign.

Steyer plans to launch a scathing advert Thursday night time that imagines Trump watching election returns on Nov. 4 and furiously throwing quick meals at a tv when he sees Proposition 50 succeeding.

“Why did you do that to Trump?” the president asks. The advert then reveals a fictional TV anchor saying that the poll measure’s success makes it extra probably that Trump might be investigated for corruption and that the data of convicted intercourse trafficker Jeffrey Epstein might be launched. “I hate California,” Trump responds.

The commercial is scheduled to start out airing Thursday night time throughout “Jimmy Kimmel Reside!” The late-night present was within the highlight after it was briefly suspended by Walt Disney Co.-owned ABC final month underneath strain from the Trump administration due to a remark Kimmel made concerning the slaying of conservative activist Charlie Kirk.

The esoteric strategy of redistricting sometimes happens as soon as each decade after the U.S. Census to account for inhabitants shifts. The maps, traditionally drawn in smoke-filled backrooms, protected incumbents and created bizarrely formed districts, such because the “ribbon of disgrace” alongside the California coast.

In current a long time, good-government advocates have fought to create districts which are logical and geographically compact and don’t disenfranchise minority voters. On the forefront of the hassle, California voters handed a 2010 poll measure to create an impartial fee to attract the state’s congressional boundaries.

However this yr, Trump and his allies urged leaders of GOP-led states to redraw their congressional districts to spice up Republicans’ prospects in subsequent yr’s midterm election. The Home is carefully divided, and retaining Republican management is essential to Trump’s potential to enact his agenda.

California Democrats, led by Newson, responded in form. The state Legislature voted in August to name a particular election in November to resolve on redrawn districts that might give their social gathering 5 extra seats within the state’s 52-member congressional delegation, the most important within the nation.

Supporters of Proposition 50 have vastly outraised the committees opposing the measure. Steyer’s announcement got here someday after Charles Munger Jr., the most important donor to the opposition, spoke out publicly for the primary time about why he had contributed $32 million to the hassle.

“I’m preventing for the bizarre voter to have an efficient say in their very own authorities,” Munger instructed reporters. “I don’t need Californians ignored by the nationwide authorities as a result of all of the districts are fortresses for one social gathering or the opposite.”

A longtime opponent of gerrymandering, the bow-tie-wearing Palo Alto physicist bankrolled the 2010 poll measure that created the impartial fee to attract California’s congressional districts.

Munger, the son of a billionaire who was the right-hand man of investor Warren Buffett, declined to remark about whether or not he deliberate to provide further funds.

“I neither affirm nor deny rumors that contain the ways of the marketing campaign,” Munger instructed reporters. “Speak to me after the election is over.”

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