California Billionaire Tom Steyer Says He’s Not Running for Office, Pledges $30 Million to Help Democrats in House

Tom Steyer, the billionaire Democratic megadonor, says he is not running for office in 2018 but will spend $30 million on an effort to win control of the House.

Hedge fund billionaire, Democratic mega-donor and environmentalist Tom Steyer holds a news conference regarding his political future and plans in in Washington, DC. on Jan. 8, 2018. (Credit: Chip Somodevilla/Getty Images)

Hedge fund billionaire, Democratic mega-donor and environmentalist Tom Steyer holds a news conference regarding his political future and plans in in Washington, DC. on Jan. 8, 2018. (Credit: Chip Somodevilla/Getty Images)

Steyer is pumping the money into his NextGen America group's youth program, which is aimed at organizing and turning out millennial voters.

Steyer said he is also "doubling" his push for President Donald Trump's impeachment, which he has already backed with a $20 million national advertising campaign. That campaign, called "Need to Impeach," has helped Steyer build a massive email list.

He announced the moves Monday at a news conference in Washington that was heavily attended by political reporters anticipating a possible 2018 run for the Senate or governor in California or even a presidential bid in 2020.

"I'm not going to run for office in 2018. That's not where I can make the biggest difference," he said.

Steyer said his House efforts will focus on 10 states: Arizona, California, Florida, Iowa, Michigan, Nevada, New Hampshire, Pennsylvania, Virginia and Wisconsin.

He pointed to three Republican targets: House Speaker Paul Ryan of Wisconsin, Rep. Darrell Issa of California and Rep. Barbara Comstock of Virginia.

Steyer spent nearly $100 million on organizing efforts during the 2016 campaign, where Republicans won the White House and maintained control of the House and Senate.