San Jose Mayor Matt Mahan\u2019s campaign for California governor has also blasted the billionaire tax initiative<\/a>, which needs 875,000 valid signatures by June 24 to qualify for the November ballot. Like Agarwal, Mahan has the tech elites\u2019 political brass ring \u2014 with millions of dollars in fundraising support<\/a> from figures such as Tan and Palantir co-founder Joe Lonsdale.<\/p>\n Mahan\u2019s been hard to ignore despite low polling numbers<\/a> and a lingering struggle for recognition. A canceled USC debate included him while snubbing other candidates with similarly low polling. He\u2019s received steady coverage in Politico<\/a>\u00a0and appeared on \u201cThe Daily Show\u201d<\/a> with Jon Stewart.<\/p>\n \u201cIt\u2019s an interesting moment and these two races are the intersection of the same phenomenon \u2014 that there are many faces to our county,\u201d Santa Clara County Democratic Party Chair Bill James told San Jos\u00e9 Spotlight. \u201cSanta Clara County is an overwhelmingly liberal, progressive philosophical area with tech industries and a small group of billionaires with a lot of money.\u201d<\/p>\n In the backdrop, tech donors are pumping millions of dollars into political action committees set up to support allies in office statewide, such as Grow California \u2014 launched with a $5 million infusion<\/a> from Ripple CEO Chris Larsen.<\/p>\n The California Business Roundtable, an independent committee set up to oppose the billionaire tax, received $3 million from conservative benefactor and Palantir co-founder Peter Thiel<\/a>, as well as a $1 million infusion from former Google CEO Eric Schmidt, according to state filings<\/a>. Another anti-billionaire tax committee, Building a Better California, has also seen millions of dollars in donations from executives at Doordash and Stripe.<\/p>\n Some billionaires have publicly indicated plans to leave the state<\/a> over the initiative, including Google co-founder Sergey Brin, who is playing both sides in the governor\u2019s race<\/a> by donating to Mahan, a Democrat, and conservative pundit Steve Hilton, a Republican.<\/p>\n Silicon Valley\u2019s tech elite are also supporting Mahan through donations to his campaign<\/a> and independent spending committees, which paid to highlight the San Jose mayor in a\u00a0Super Bowl ad<\/a>.<\/p>\n Mahan and representatives for his campaign did not respond to requests for comment.<\/p>\n Agarwal said he doesn\u2019t see the Congressional District 17 contest as a reflection of the tech battle.<\/p>\n \u201cThis race is about representing the people of the 17th District,\u201d Agarwal told San Jos\u00e9 Spotlight. \u201cThere\u2019s 5,000 children in the district living in poverty. I\u2019ve never heard Ro mention that once. I\u2019m focused on those children. I\u2019m focused on providing jobs for the district, infrastructure. I\u2019m trying to make sure that people in that district have lives and jobs that they can live comfortably in.\u201d<\/p>\n Agarwal said a state ballot measure should be of no concern to Khanna as a federal lawmaker.<\/p>\n \u201cHe\u2019s a congressman. He has no impact over a state ballot measure regarding the wealth tax,\u201d Agarwal said. \u201cAnd neither would I as a congressman.\u201d<\/p>\n State ballot measures still impact the well-being of people within Khanna\u2019s federal boundaries, the incumbent lawmaker said. State legislative analysts say<\/a> 90% of the revenue from the billionaire tax, if passed, would go toward paying for health care services for the public.<\/p>\n \u201cI\u2019m trying to make sure people have affordable health care and child care,\u201d Khanna told San Jos\u00e9 Spotlight.<\/p>\n He disagrees that the race has nothing to do with the issue.<\/p>\n \u201cWe need a new tech social contract,\u201d he said. \u201cIt\u2019s fine to have economic growth and economic innovation celebrated, but this race is about making sure our politics are not dictated by billionaires from outside the district \u2014 to make sure our elected officials are focused on our communities and not on outside powerful interests.\u201d<\/p>\n While Agarwal\u2019s a Democrat, the boss of his local party doesn\u2019t see his candidacy as serious.<\/p>\n \u201cI think it\u2019s more about funding a candidate who will run against and say bad things about Ro Khanna as a way of punishing him for taking this more economic populist position in general, not just about the wealth tax,\u201d James said.<\/p>\n Mahan is another story, James added.<\/p>\n \u201cYou have people who are centrist and conservative looking for a candidate to have a more conservative approach to the state,\u201d James said. \u201cYet our past few governors have been fairly moderate in their positions and spending.\u201d<\/p>\n Mahan isn\u2019t shy about criticizing Gov. Gavin Newsom\u2019s leadership<\/a>. Yet they are aligned against the proposed billionaire tax.<\/p>\n \u201cSome folks may not like that Jerry Brown and Gavin Newsom were moderate, but most Californians do, which is why they were elected and elected again,\u201d James said. \u201cI don\u2019t think we\u2019re this crazy leftist utopia that billionaires have to be afraid of by a long shot. We\u2019re a complex and big state with big opportunities and big needs.\u201d<\/p>\n While Mahan is a\u00a0moderate Democrat<\/a>, several liberal lawmakers in his own backyard have dismissed him<\/a> as a vessel for the tech-driven deregulation and privatization of California.<\/p>\n But you won\u2019t find Khanna in that crowd. In fact the lawmaker \u2014 balancing dual reputations as a progressive and friendly tech face \u2014 often sings the mayor\u2019s praises<\/a>, even if Mahan has challenged Khanna over the billionaire tax online<\/a>.<\/p>\n \u201cAs a mayor he\u2019s done a good job on issues of public safety and we\u2019ve had a good working relationship to bring back resources to San Jose,\u201d Khanna said. \u201cI\u2019ve always had an effective partnership with him as I did with the previous San Jose mayor, Sam Liccardo, who we now share an office with.\u201d<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/03\/1774977728_84_Infographics-are-visual-representations-of-data-making-complex-info-easier-to-share-and-digest.-When.jpeg\")
Congressman Ro Khanna (left) faces a challenge this year from tech founder Ethan Agarwal.<\/p>\n![\"A](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/03\/copy-IMG_3372-1024x559.jpg\")
San Jose Mayor Matt Mahan is running for California governor. File photo.<\/p>\n![\"In-line](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/03\/interactive-321838904008.png\")
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