{"id":275319,"date":"2026-04-19T07:50:10","date_gmt":"2026-04-19T07:50:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/275319\/"},"modified":"2026-04-19T07:50:10","modified_gmt":"2026-04-19T07:50:10","slug":"billionaire-steyers-spending-binge-dwarfs-rival-campaigns-in-california-governors-race-7","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/275319\/","title":{"rendered":"Billionaire Steyer’s Spending Binge Dwarfs Rival Campaigns in California Governor’s Race"},"content":{"rendered":"

The hedge fund manager-turned-liberal activist is using his personal fortune to saturate TV screens and mobile phones with advertising, while his competitors accuse him of trying to use his vast wealth to buy the state\u2019s most powerful job.<\/p>\n

Steyer’s ads \u2014 in which he promises to bring down household costs or rails against federal immigration raids \u2014 appear inescapable at times in heavily Democratic Los Angeles, the state\u2019s largest media market. Data compiled by advertising tracker AdImpact show Steyer has spent or booked over $115 million in ads for broadcast TV, cable and radio \u2014 nearly 30 times the amount of his nearest Democratic rival<\/a>.<\/p>\n

If he makes it through the June 2 primary election, Steyer could easily eclipse the 2010 record set by Republican Meg Whitman, who spent $178.5 million in a losing bid for governor, much of it her own money. At the time, it was the costliest campaign for statewide office in the nation\u2019s history.<\/p>\n

Even when ad buys from all his major competitors are combined, along with ad purchases by independent committees supporting candidates, Steyer is outspending the field by tens of millions of dollars.<\/p>\n

\u201cBillionaire money is flooding our state in an attempt to buy this election,\u201d former U.S. Rep. Katie Porter<\/a>, one of Steyer\u2019s chief rivals, warned her supporters this month.<\/p>\n

Mail-in ballots are set to go out to voters next month. Steyer is among a crowd of candidates hoping to seize a spotlight after former Democratic U.S. Rep. Eric Swalwell’s dramatic departure from the race following sexual assault allegations that he denies. <\/p>\n

But while Steyer has ticked up in polling amid his spending splurge, he has not broken away from the field, leaving some wondering if he’s getting value for his dollars.<\/p>\n

\u201cIf your first round of ads doesn\u2019t move you dramatically (in the polls), the third, fourth, fifth, six, seventh and eighth rounds won\u2019t either,\u201d said veteran Democratic strategist Bill Carrick, who for years advised the late Democratic U.S. Sen. Dianne Feinstein. \u201cThere is something inherently holding Steyer back.\u201d<\/p>\n

In recent prior campaigns for governor, at this stage a leading candidate was taking control of the race. This year, voters appear to be shrugging at a contest that lacks a star candidate among seven leading Democrats and two Republicans.<\/p>\n

\u201cSomehow the campaign is frozen,\u201d Carrick added.<\/p>\n

History shows that money doesn\u2019t always translate into votes.<\/p>\n

Billionaire developer Rick Caruso spent over $100 million in 2022 in his bid to become Los Angeles mayor, much of it his own money, but he was handily defeated by Mayor Karen Bass, who spent a fraction of Caruso’s total. Billionaire former New York City Mayor Michael Bloomberg<\/a> spent more than $1 billion of his own money on his 2020 presidential bid before dropping out. And Steyer\u2019s money<\/a> was unable to lift him into contention in the 2020 presidential contest, when he dropped out<\/a> early in the year after a poor finish in the South Carolina<\/a> primary.<\/p>\n

Steyer has never held elected office.<\/p>\n

\u201cI don\u2019t think that\u2019s possible,\u201d Steyer said at the time, before adding, \u201cI\u2019m never going to apologize for succeeding in business. That\u2019s America, right?\u201d<\/p>\n

His campaign did not respond directly when asked about similar criticism facing his run for governor.<\/p>\n

\u201cTom now stands as the only Democrat with the grassroots energy, institutional backing and resources to advance to the general election,\u201d spokesperson Kevin Liao said in a statement.<\/p>\n

Still, there is no clear leader.<\/p>\n

Polling in late March and early April by the nonpartisan Public Policy Institute of California found a cluster of candidates in close competition: Democrats Steyer and Porter, Republicans Hilton and Chad Bianco, and Swalwell. Other candidates were trailing. The polling was conducted before Swalwell withdrew.<\/p>\n

Democrats have feared<\/a> the party\u2019s large number of candidates could lead to them getting shut out of the general election in November. That\u2019s because California has a primary system in which only the top two vote-getters advance to the general election, regardless of party.<\/p>\n

Leading Democrats are all claiming to have picked up support since Swalwell’s exit. Steyer nabbed one plum endorsement, when the influential California Teachers Association, which previously backed Swalwell, recommended him.<\/p>\n

In his ads, Steyer promises to \u201cabolish\u201d U.S. Immigration and Customs Enforcement, which has been staging raids across California. In another, he laments the state’s punishing cost of housing, \u201cEverybody needs an affordable place to live,\u201d he says.<\/p>\n

Copyright 2026 The\u00a0Associated Press<\/a>. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.<\/p>\n

Photos You Should See \u2013 April 2026<\/p>\n

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