Let that marinate for a second.

A billionaire who lives in Sea Cliff, one of the most exclusive neighborhoods in America, just got endorsed by a megadonor who has hosted fundraisers for Obama, Clinton, Harris, Newsom, and Pelosi from her Pacific Heights penthouse — and the framing is that this is somehow a populist moment. Buell said that "power and money reveal character," which is certainly one way to spin two extremely wealthy people who've known each other for decades agreeing on politics.

To be fair, Steyer has put real money behind climate advocacy and philanthropy for years. And his willingness to openly support tax hikes on the ultrawealthy — his own tax bracket — has earned him genuine enemies among Silicon Valley's elite. Tech heavyweights like Chris Larsen and Michael Moritz are reportedly wary of his candidacy for exactly that reason. As one local put it, "He earned my vote when the CPUC came out against him" — a reminder that in California politics, your enemies sometimes do more for your brand than your friends.

But let's not pretend this endorsement is anything other than what it is: one member of San Francisco's politically-connected elite vouching for another. Buell called Steyer a representative of the "best tradition of California and the Bay Area." If that tradition is billionaires running for office with the backing of other billionaires while calling themselves anti-oligarch, then sure — tradition upheld.

Steyer may yet prove to be a serious candidate with serious ideas. But when your populist bona fides are being certified from a Pacific Heights penthouse, maybe don't lead with the "opposite of oligarch" line. Read the room — or at least read the real estate listing.