Tom Steyer joins race for Democratic nomination

San Francisco billionaire philanthropist Tom Steyer has entered the field of Democrats running for president in 2020.

Steyer, 62, announced the launch of his campaign via video Tuesday morning.

His campaign video emphasized removing corporate control from American politics, his commitment to equity and “doing the right thing.” According to Steyer’s campaign website, he stepped down as head of his investment firm in 2012 to dedicate his time to philanthropy. In 2013, he founded NextGen America, a nonprofit designed to combat climate change and promote social justice.

Steyer has also taken the Giving Pledge, an initiative created by Bill and Melinda Gates and Warren Buffett to give away half of one’s wealth to good causes while still living, according to its website. Steyer and his wife, Kat, have lived in San Francisco since 1986. They have four grown children.

The announcement comes just a day after East Bay Congressman Eric Swalwell, D-Dublin, stepped down from the race. As of Tuesday, there are 24 Democrats running for president.