Under the baking Los Angeles sun, Tom Steyer stumped for the governorship of California in his trademark blue suit and a white cap – embroidered with two incongruous words “class traitor”. Self-deprecating humour aside, it has been an awkward campaign.
Sunday’s event typified the 68-year-old’s latest political odyssey, seeking a Democratic Party nod in the Golden State, the biggest gubernatorial seat in the country.
He has become the target of insults from fellow billionaires so angered by his political intentions that they have invested large sums to stop him succeeding in Tuesday’s primary voting.
Mr Steyer’s detractors, according to polls, seem likely to prevail, stopping him from advancing to November’s general election.
Mr Steyer has pledged to ‘tax the hell out of the rich and billionaires’ – Justin Sullivan
The hedge-fund manager turned progressive activist nonetheless appeared defiant, with the crowd cheering loudly as he vowed to “tax the hell out of the rich and billionaires” and build a new California for the working class.
“Hot for Tom, hot for Tom, hot for Tom,” they chanted.
The Democrat has spent a record-shattering $215 million (£160m) of his own fortune on his run, overwhelming the airwaves with advertisements in the most expensive political campaign in the country this year.
The latest polls show he will fail – again. In 2020, Mr Steyer sunk $340 million (£252m) on presidential bid that he later abandoned.
He is trailing six points behind his Democrat rival, Xavier Becerra, the former health secretary to Joe Biden.
California’s “jungle primary” rules mean that two candidates, regardless of party, advance to compete in November. Mr Steyer is fighting for the last spot against Steve Hilton, a Donald Trump-endorsed former adviser to David Cameron.
It has been an unprecedentedly messy contest to replace the term-barred Gavin Newsom.
It has been an unprecedentedly messy contest to replace the term-barred Gavin Newsom – Annabelle Gordon
Democratic heavyweights that had been expected to run have bolted, leaving behind a long list of relative unknowns. Then the race was blown wide-open when the frontrunner, Eric Swalwell, dropped out over sexual misconduct allegations and Democrats began flocking behind Mr Becerra.
But it is still a volatile race.
While the majority of polls show Mr Hilton in front of Mr Steyer, an Emerson College/Inside California Politics poll released on Saturday had Mr Becerra at 28 per cent, Mr Steyer in second at 22 per cent, and Mr Hilton within striking-distance at 21 per cent.
About 1 in 4 voters are still undecided, according to polls.
Mr Steyer’s tagline has been making California affordable – an unusual message from someone in the top one per cent, but he argues that “billionaires like me must pay their fair share”.
He is an advocate for the proposed billionaire tax, a one-time five per cent levy to fund healthcare, education, and food assistance programmes, and he has attempted to mobilise disillusioned young voters with his climate activism.
Mr Steyer’s campaign is trying to ride the wave of anti-elite populism swelling in California – Patrick Fallon
His campaign is trying to ride the wave of anti-elite populism swelling in California and across the US in the face of widening income inequality and concerns over billionaires, like Mr Trump, in office.
But for many Californians, his own vast wealth of $2.4 billion (£1.78bn) has been a sticking point.
“There is a long history of rich candidates running for office in California and failing badly,” said Garry South, a prominent Democratic political strategist who has run four governor campaigns.
“If someone has tens of millions to throw at a campaign with no guarantee of success, voters think ‘how can they identify with me and my family and day-to-day financial needs’. At the end of the day, that is what kills them.”
Even progressive voters who like all of Mr Steyer’s policies are conflicted.
Grace, 25, who described herself as hard-Left, said: “Which is the lesser of two evils? I don’t like billionaires, but Tom Steyer has the most progressive politics.”
Her friend, G, felt the same lack of options. “I feel uninspired. We’re cooked,” she said. “There is no such thing as an ethical billionaire, but I care about the environment and he’s the only candidate focused on climate policies.”
Trying to ‘buy an election’
Mr Steyer’s wealth has also been an easy target for his rivals and critics, who have repeatedly accused him of trying to “buy an election”.
Corporations, largely oil and gas companies, as well as tech billionaires, have spent an estimated $30 to $50 million on attack advertisements against him.
“Money has poured into this primary like there is no tomorrow and there is no end in sight,” said Francesco Trebbi, a public policy professor at the University of California in Berkeley, arguing that it reflects broad trends in California.
Silicon Valley titans are becoming more politically active and investing heavily in local and state-level elections, in an unprecedented attempt to influence who runs the state, the fourth largest economy in the world.
“Their number one concern is regulatory constraints stifling AI innovation,” Prof Trebbi said.
He argued that what is happening in California also reflects broader tensions across the country.
“A large share of the electorate are really struggling and then you see all the money flowing into elections and self-funded billionaires, like Steyer, are a political product of this inequality,” Prof Trebbi said. “With economic power, comes political power and that is expanding.”
He cautioned that the big allocations of funds might drive political discourse, but may not sway electoral outcomes.
Mr Becerra has spent roughly 20 times less than his billionaire rival and looks certain to clinch victory in the primary.
Xavier Becerra handed out biscuits to supporters at Planned Parenthood in Sacremento on Monday – Rich Pedroncelli
Matt Rexroad, a political strategist who has worked on multiple governor campaigns, said of the frontrunner: “He came across as a likeable, thoughtful politician, who didn’t spend millions on TV ads and had a story.”
At Mr Becerra’s rally in Long Beach on Sunday, the loudest cheer came when he described how his Mexican parents came to America with only $12 in their pockets. “That’s the real Californian dream,” he told supporters.
In contrast, Californians struggling to make ends meet may never resonate with Mr Steyer.
“I don’t believe anyone in the history of US politics has spent as much money as he has, including that on his presidential campaign, and not won anything,” said Mr Rexroad.
“Should he have just bought himself an island?”