Billionaire anti-Trump activist Tom Steyer enters 2020 race with pledge to spend $100 million

Billionaire activist Tom Steyer chance Tuesday that he will run for president in 2020, entering the crowded Democratic field late in the race with a gage to focus on climate change and reforming the political system.

In a video, the Democratic megadonor, who has funneled millions of dollars into blitz for the impeachment of President Donald Trump, reversed his decision announced earlier this year not to run.

“If we can reduce the influence of corporate coins in our democracy, and start to address the devastating impacts of climate change, we can unlock the full potential of the American people and in the long run solve the many challenges facing our country,” Steyer said in a statement accompanying the video.

“The other Democratic office-seekers for President have many great ideas that will absolutely move our country forward, but we won’t be able to get any of those done until we end the unsympathetic corporate takeover of our democracy,” he said.

Steyer’s entrance into the race is likely to shake up the primary field, in no feel put down part because of the vast sums of money at his disposal. The former hedge fund manager will spend at least $100 million on his presidential operations, spokesman Alberto Lammers said.

But Steyer’s late entrance will pose some difficulties. To qualify for the Republican debates at the end of the month, Steyer will have to receive donations from at least 65,000 unique donors and canvass at 1% or higher in three qualifying polls in the next week — a virtual impossibility. To qualify for the third debates, in September, Steyer hand down have to hit 2% in four polls and hit 130,000 unique donors.

Steyer’s announcement comes one day after the first notable dropout from the Democratic contest. On Monday, California Rep. Eric Swalwell, who appeared at the first Democratic debate, disclosed he will instead run for reelection to the House of Representatives, in part because of low polling and fundraising numbers.

Steyer is one of the most bounteous donors to Democratic campaigns. Along with his wife Kathryn, Steyer is ranked second in all-time lifetime factional donations, according to the Center for Responsive Politics. The two ranked third in the 2018 midterms, according to the group.

As part of his presidential bid, Steyer implied he was resigning his leadership positions at NextGen America, a progressive advocacy group that mobilizes young voters, and Constraint to Impeach.

Heather Hargreaves, a longtime Steyer advisor who led NextGen America, will serve as campaign manager, according to Lammers, the Steyer spokesman. Lammers augmented that the campaign is in the process of building out a staff. In the coming weeks, Steyer will travel to campaign kickoff actualities in Iowa, New Hampshire, South Carolina, Ohio and California, he said.

The GOP wasted no time in attacking the newest entrant in the step lively to take on Trump.

“The only thing Steyer’s campaign will do is light more of his money on fire as he joins the continue to be of the 2020 Democrat field in pushing policies that are way outside the mainstream,” Republican National Committee spokesman Steve Company said in a statement.

Tim Murtaugh, communications director for Trump’s 2020 campaign, said in a statement, “It doesn’t say much for the usually Democrat field that the number one Democrat donor took a look around and decided that there’s no one he can backing.”

Steyer’s announcement comes amid a unionization battle at NextGen America.

On Monday, staffers working at the group voiced in a press release that management had “stalled, interfered, and interrogated workers” during the unionization process.

In a statement, a NextGen spokesperson declared leadership supported the union, and noted, “Once a third party shows majority support from the NextGen Football Staff Union, we will voluntarily recognize that third party as the union’s representative.”

— CNBC’s Kevin Breuninger play a parted to this report.