The billionaire political activist and philanthropist reportedly plans to announce his candidacy for president. : The Democratic Party might be getting another 2020 presidential candidate added to its already crowded field. Tom Steyer, billionaire activist and philanthropist, has plans to become the latest candidate to enter the race, according to several reports. Steyer is the founder and former co-managing partner of Farallon Capital, the hedge fund at which he built his fortune. He is also the co-founder of Beneficial State Bank, an Oakland-based community development bank that his wife co-founded and currently leads.