Posted: Nov 8, 2012 3:44 PM by Associated Press
SACRAMENTO, Calif. (AP) - Billionaire investor Tom Steyer's stock is on the rise with California Democrats after notching his second political victory in two years.
Voters this week approved his Proposition 39, which closes a tax loophole that benefited out-of-state corporations and was championed by Republicans. It will send an additional $1 billion a year to the state.
In 2010, he helped defend the state's greenhouse gas emissions law.
Steyer, the founder of Farallon Capital Management, says he is shifting away from his investment activities and toward public policy, specifically clean energy and government reform.
While his fortune can make him a political rainmaker, Steyer has been coy about whether he has plans to run for office. When asked if he could be a candidate, he said he had not "thought about it seriously."
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at email@example.com, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties