Steyer’s hidden fossil-fuel ties haunt California governor bid

Billionaire Tom Steyer faces renewed scrutiny over his links to Farallon Capital after reporting shows he never fully cut ties and remained a passive investor as the hedge fund financed coal projects, including in Australia. Steyer says he has removed fossil-fuel holdings and donates profits from any unintended exposure, but tax filings indicate Cayman-based funds and other foreign holdings. His net worth is around $2.4 billion, with Farallon stake declining from about $110 million during his 2020 bid to roughly $34.7 million more recently. The disclosures come as he gains ground in the California governor race, aided by his heavy campaign spending.