Tom Steyer’s Labor Record Is a Fraud

Tom Steyer’s populism is performance art funded by the very wealth he claims to despise. The billionaire candidate for Governor just attacked Matt Mahan’s supporters as “anti-union” for pointing out that the SF teachers strike is probably unlawful. But the receipts say otherwise.

While running Farallon Capital Management—the hedge fund that made him a billionaire—Steyer made so many anti-labor investments that there was active organized opposition against the firm.

Archived tweet

It is ludicrous for candidate Steyer to claim he will “always stand” w labor. While running FCM, the hedge fund that made him a billionaire, he made so many anti-labor investments (including private prisons built with scab labor) that there was active organization against FCM: https://t.co/VEZWrXfJXV https://t.co/zNOHernVAf [Quoting @TomSteyer]: The people backing Matt Mahan for governor are anti-union, and they’re not even trying to hide it. I will always stand on the side of teachers, working people, and organized labor. https://t.co/OTRbkq4MMM https://t.co/T9jpdUw8Vo

Kane 謝凱堯 @kane February 10, 2026

The Steyer Receipts: Private Prisons, Scab Labor, and Coal Mines

The documentation is damning. During the mid-2000s, Farallon held roughly 5.5% of Corrections Corporation of America (now CoreCivic)—the largest private prison operator in the U.S. Private prisons were and are notorious for utilizing low-wage, non-unionized staff and for displacing public-sector union jobs in state and federal correctional systems.

The opposition was so fierce that activists launched UnFarallon.info in March 2004 as a clearinghouse for grievances about Farallon’s global portfolio. Yale labor unions (UNITE HERE Locals 34 and 35) used Yale’s investments in Farallon as leverage during a brutal labor dispute in 2004-2005, arguing that the university’s endowment was being grown through unethical investments.

Stanford students confronted Steyer in 2004 about worker treatment at Pasminco/Zinifex mining facilities in Australia, where activists alleged the company aggressively cut costs at the expense of worker safety—specifically pointing to lead contamination and the health of the local workforce in Port Pirie.

And before his conveniently-timed 2012 pivot to environmentalism, Farallon was heavily invested in coal and mining operations in Indonesia, China, and Australia—industries that were actively lobbying against labor-friendly environmental and safety regulations.

The Unlawful Strike Steyer Is Cheerleading

So what exactly is Steyer defending? An illegal strike that will hurt 30,000 San Francisco families for no material benefit to teachers.

Archived tweet

My sources in the district say even with the strike counting as unlawful, UESF doesn't care. Sorry, SF parents, this strike is about proving fealty to state union bosses. Also sorry SF teachers, this won't buy even a single dollar more in salary or concessions, SFUSD is under state control/mandate and Superintendent Maria Su already offered 6% raises plus fully funded dependent healthcare which was basically the max. https://t.co/Dci64NWJAc

Garry Tan @garrytan February 09, 2026

UESF walked out of fact-finding without even making a counteroffer—and called a strike anyway. This likely violates PERB rules that require completing the impasse process before striking.

The district already offered 6% raises over two years plus fully funded dependent healthcare at no cost to educators—the maximum allowed under state fiscal oversight. Union sources confirm they’ll accept this same offer after striking for a few days. That’s not bargaining. That’s political theater.

This is coordinated brinksmanship by the California Teachers Association, not local bargaining. At least 32 districts across California face potential strikes simultaneously. UESF is hurting San Francisco kids out of fealty to state union bosses—and Tom Steyer is cheering them on because he’s auditioning for CTA endorsement.

$27 Million in Attack Ads: Populism as Performance Art

This fits a pattern. Steyer spent $27 million on attack ads—2x everyone else combined—while running as a populist. His 2020 presidential campaign tried the same play: buy working-class credibility by outspending everyone.

Archived tweet

The people backing Matt Mahan for governor are anti-union, and they’re not even trying to hide it. I will always stand on the side of teachers, working people, and organized labor. https://t.co/OTRbkq4MMM https://t.co/T9jpdUw8Vo [Quoting @garrytan]: My sources in the district say even with the strike counting as unlawful, UESF doesn't care. Sorry, SF parents, this strike is about proving fealty to state union bosses. Also sorry SF teachers, this won't buy even a single dollar more in salary or concessions, SFUSD is under state control/mandate and Superintendent Maria Su already offered 6% raises plus fully funded dependent healthcare which was basically the max. https://t.co/Dci64NWJAc

Tom Steyer @TomSteyer February 09, 2026

Now he’s attacking Mahan’s supporters as “anti-union” for pointing out basic facts about an unlawful strike that won’t help teachers. As Kane put it: Steyer has “zero principles other than be willing to pretend to support anything he thinks voters want to hear to accrue political capital. He’s like an old Gavin Newsom.”

Meanwhile, Matt Mahan raised $6 million in just 6 days from donors across California. That’s more than any other candidate raised in the entire second half of 2025. Results vs. rhetoric.

Tom Steyer is running for Governor on borrowed credibility. He profited from prison labor, coal miners, and workers with no union representation—and now he’s positioning himself as labor’s champion by attacking people who point out an unlawful strike. California deserves a governor who actually understands policy, not one who buys his way into every populist cause du jour. You won’t be able to fix California if you don’t go in the weeds and understand what is really going on.