Thomas Fahr Steyer, popularly known as Tom Steyer, is a widely acclaimed billionaire and philanthropist. Steyer, an alumnus of the prestigious Yale University and Stanford University, is also a fundraiser and a hedge fund manager. We have it from good authority that Steyer, who is a well-known liberal, intends running for the office of the President of the United States of America under the platform of the Democratic Party.
Steyer’s emergence into the spotlight and success as a businessman have not gone unnoticed. Too many prying eyes have been trailing him, seeking to discover the source of his wealth and fortune. This, of course, has raised a lot of controversy and ceaseless speculations. In view of this, many have been forced to believe a lot of outrageous things making the rounds on the internet.
We encourage you to read on as we try to douse the tension and quell the rumors regarding how much the billionaire is worth and the source of his huge fortune.
What is Tom Steyer’s Net Worth
Recent findings place Thomas Steyer’s net worth at an estimate of a whopping $1.6 billion. This figure is bound to increase significantly if all of Steyer’s charity donations are brought to bear and taken into consideration. We know this because some time in 2010, the American billionaire, alongside his lovely wife, Kat Taylor, reportedly signed a lifetime pledge to donate half of their wealth to charitable causes.
How Did Tom Steyer Make His Money?
Providing an appropriate answer to the above question has remained largely impossible for many who have tried before now. But, we have revealed quite a lot of information regarding the source of Steyer’s net worth and how it all started out for him.
In 1979, shortly after graduating from Yale University, Steyer set out to work at the prestigious Morgan Stanley investment bank. The economist decided to pursue his MBA which he got from Standford Business School. After receiving his MBA, Tom was recruited by Goldman Sachs as one of its new associates where he worked from 1983 to 1985.
In 1986, Steyer was named as a partner and also appointed as a member of the Executive Committee of Hellman & Friedman, a private equity company based in San Francisco California. The company, founded by Tully Friedman and Warren Hellman, manages $8 billion worth of equity shares on behalf of its clients.
Steyer founded a hedge fund institution the same period he was made a partner at Hellman & Friedman. The firm which was named Farallon Capital Management was based in San Francisco, California. Much of Steyer’s net worth is believed to have been made from Farallon Capital Management. It is worthy of note that as at the time Tom announced his retirement from the investment firm, the total capital managed by the firm was valued at $20 billion which cuts across funds raised by foundations and non-governmental organizations as well as endowment funds from top colleges and universities.
Tom announced his retirement from Farallon Capital Management in 2012 and in that same year, he sold his entire stake at the firm. We discovered that his reason for leaving the firm was primarily geared towards paying more attention to his passion for the environment and politics. In 2013, the philanthropist went on to start NextGen America in a bid to achieve his objective.
NextGen America pursues aggressively several awareness campaigns and programs on a lot of critical issues ranging from healthcare, climate, reproductive freedom, equality and immigration. These campaigns and programs are targeted toward America’s teeming youth population. NextGen America is known all over America as a voter advocacy group and is directly responsible for the registration of over 1.3 million voters.
Steyer earns a significant sum from his other business ventures and investments. The American banker, through his Capital firm, invested heavily in some coal-mining companies. Notably, amongst these coal-mining companies is the Maules Creek coal mine which is operated and owned by Whitehaven coal.
The New York native also invested quite heavily in private prisons. He reportedly oversaw the buying of 5.5% worth of Corrections Corporation of America shares valued at an estimate of $90 million.
Steyer and his lovely wife have co-founded several nonprofit ventures geared towards improving the living standards of other citizens. The revenue and funds generated from these groups and companies do not add to Tom Steyer’s net worth as they are reinvested into other productive ventures that will add value to the community which they belong to.