California News

Nov 8, 2012 6:44 PM by Associated Press

Investor's political stock rises with second win

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 This material may not be published, broadcast, rewritten or redistributed.)

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