Tom Steyer Bet Big on Populism. It Might Pay Off: Erika D. Smith

When Democratic activist Tom Steyer launched his campaign for governor of California six months ago, he did so as a billionaire populist promising to fight other billionaires on behalf of the working class. Given the eat-the-rich mood of the Democratic Party, most political observers dismissed him as an imperfect messenger and an unserious candidate — doomed to waste his money self-funding a bid to succeed Gavin Newsom.

But what those political observers didn’t know was just how unpredictable the race would become. Now, following last week’s unraveling of Democratic frontrunner Eric Swalwell’s campaign over sexual misconduct allegations, Steyer has suddenly ...