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Tom Steyer, the billionaire backer of Proposition 39 and prominent Democratic Party donor, announced Monday he plans to leave the San Francisco-based hedge fund he founded.

Steyer, 55, told investors at his Farallon Capital fund that his long-time deputy will run the $20 billion portfolio, according to Reuters.

Steyer has nearly singlehandedly backed Proposition 39, an initiative that would result in higher California taxes for multistate corporations based elsewhere. The roughly $1 billion generated would flow to the state budget and clean energy programs. Steyer has donated nearly $22 million toward the initiative this year.



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