Billionaire real estate developer Rick Caruso announced he’s officially out of the race for LA mayor and California governor.
The Los Angeles shopping mall mogul said the decision not to run for elected office comes after talks with his family and the impacts of a potential campaign.
“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” wrote Caruso. “It is a difficult decision, and I am deeply disappointed to step back from an election I believe is so critical to California’s future.”
NBC4’s Political Reporter Conan Nolan speaks with businessman Rick Caruso about federal immigration raids, President Donald Trump and remedying homelessness.
Caruso had not ruled out a run for governor after losing the Los Angeles mayoral race to Karen Bass in 2022. He previously opposed a recall effort to unseat Mayor Bass following the backlash from the deadly wildfires in 2025.
The real estate developer has routinely posted on social media about the problems the city of Los Angeles continues to face and has had a high-profile role in the recovery of the Pacific Palisades, where he owns the popular Palisades Village.
Caruso also did a statewide listening tour, appearing on multiple national talk shows and even the joe rogan podcast.
In a gubernatorial run, he was expected to pull from centrist and independent voters from former LA Mayor Antonio Villaraigosa and former HHS Secretary Xavier Becerra.
Caruso served as president of the LAPD Police Commission and was on the LADWP board of directors.
“I remain devoted to serving our communities in every way I can, just from a different seat,” wrote Caruso.
He says he will continue to help the city through Steadfast LA, a civic nonprofit dedicated to supporting wildfire-impacted communities.
Caruso’s decision comes ahead of the upcoming midterm elections in 2026, where the race for California governor remains wide open.