Tom Steyer is an American billionaire. He was a Hedge Fund Manager managing funds of high net worth people and he also diversified into related business ventures like investment banking. He is a great philanthropist and supports aggressively many environmental and social issues.
In 2010 Tom Steyer and his wife signed the Gates-Buffets, The Giving Pledge donating half of their fortunes to charity during their lifetime. He is known for his October 2017 Trump Impeachment campaign advocating impeachment of President Donald Trump. Here are all the details about Tom Steyer’s net worth in 2018 and her career details.
Tom Steyer early life
Tom Steyer was born on June 27, 1957 at New York City to Marnie, his mother who was a Teacher and his father, Roy Henry Steyer who was a partner in a Law firm. He went to Buckley School, Phillips Exeter Academy. He graduated in Economics and Political Science from Yale University. He did his MBA from Stanford Business School.
Tom Steyer Career, Awards & Achievement
Tom Steyer started his professional career in 1979 by joining Morgan Stanley where he worked as an analyst for two years. He thereafter did his MBA from Stanford and joined Goldman Sachs where he specialised in risk arbitrage.
In the year 1986 he joined a private equity firm Hellman and Friedman. This venture later became Farallon Capital Management, headquartered in San Francisco, California. This was Tom Steyer’s most successful business venture generating huge profits and making it eventually the fourth largest hedge fund in the world.
His company was known for taking high risk positions on distressed assets and making profits in a volatile market. When he left the company in October 2012, it was worth 20 billion dollars. He decided thereafter to dispose his carbon polluting investments to promote a clean environment. But he was criticized by many alleging that he did not dispose of his investments fast enough.
His investments in coal mining companies helped them produce over 70 million tonnes of coal. He invested 90 million dollars in Correction Corporation of America stocks, a company managing private prisons in America. He was targeted by a Student activist group called UnFarallon for his company’s anti-environmental policies.
However his post Farallon years made him a big supporter of environmental policies and he seriously supported many anti climate change issues.
In the year 2006 he supported OneRoof initiative in India to provide access to the computer technology for rural students and residents in Indian villages. In 2007 he with his wife Taylor founded Beneficial State Bank to support individual non-profit organisations, disadvantaged communities and other helping them with finances.
Awards and achievements:
Tom Steyer received many honours and awards for his environmental work and his support for charitable and educational initiatives.
In the year 2011 he was awarded Phillip Burton Public Service Award of Consumer Watchdog.
In the year 2012 he was awarded the Environmental Leadership Award of California League of Conservation Voters.
In the year 2013 he was awarded Environmental Achievement Award of Environmental law Institute.
In the year 2015 he was awarded The Land Conservation Award of Open Space Institute.
In the year 2015 he was awarded Equality California’s 2015 Humanitarian Award for his work supporting LGBT Community.
In the year 2016 he was awarded Advocate Award of Environmental Advocates of New York.
His professional achievement was heading Farallon and making the company fourth largest hedge fund company in the world.
Net Worth of Tom Steyer
Tom Steyer’s Net Worth is estimated as $1.7 billion. His earnings mainly came from his profession as a Hedge Manager of Farallon Capital and his investment banking and related business forays. He did not believe in conspicuous consumption and spending. He lived a relatively simple life and used his wealth for further investments or for charity.
Tom Steyer steadily rose in his life using his strong educational background of post graduate in Business Administration to become founder of a Hedge fund company which rose phenomenally in its long tenure under his leadership and was worth $20 billion when he left it in 2012.
He used his wealth for philanthropy and for environmental and social causes. He and his wife were first to sign The Giving Pledge in 2010 donating half of their wealth to charity.