How Tom Steyer made his $1.6 billion fortune: by ChaseWithorn
. “We were always trying to be honest, not take huge risks, and always understanding the risks we were taking.”
He spent 26 years running Farallon, often delivering double-digit annual returns for his investors, before cashing out in 2012 to focus on politics and the environment. That move sparked controversy because Steyer had made a fortune, in part, by investing in fossil fuels. He sold his ownership stake in Farallon to his partners but has likely kept a sizable chunk of his personal portfolio invested in Farallon’s funds, which are now managed by his former right-hand man, Andrew Spokes.
Since then, Steyer has spent the better part of a decade turning his investment profits into political influence. He was a well-known Obama supporter, speaking at the 2012 Democratic National Convention and hosting the president for a fundraiser at his Bay Area home in 2013. He shelled out some $65 million to back Democratic candidates and environmental causes during the 2016 election.
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