![\"Tom](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/06\/7d7a833243c35c5763b3ace9347babc1.jpeg\"\/)
<\/p>\nUnder the baking Los Angeles sun, Tom Steyer stumped for the governorship of California in his trademark blue suit and a white cap \u2013 embroidered with two incongruous words \u201cclass traitor\u201d. Self-deprecating humour aside, it has been an awkward campaign.<\/p>\n
Sunday\u2019s event typified the 68-year-old\u2019s latest political odyssey, seeking a Democratic Party nod in the Golden State, the biggest gubernatorial seat in the country.<\/p>\n
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\u2019s primary voting.<\/p>\n
Mr Steyer\u2019s detractors, according to polls, seem likely to prevail, stopping him from advancing to November\u2019s general election.<\/p>\n
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Mr Steyer has pledged to \u2018tax the hell out of the rich and billionaires\u2019 – Justin Sullivan<\/p>\n
The hedge-fund manager turned progressive activist nonetheless appeared defiant, with the crowd cheering loudly as he vowed to \u201ctax the hell out of the rich and billionaires\u201d and build a new California for the working class.<\/p>\n
\u201cHot for Tom, hot for Tom, hot for Tom,\u201d they chanted.<\/p>\n
The Democrat<\/a> has spent a record-shattering $215 million (\u00a3160m) of his own fortune on his run, overwhelming the airwaves with advertisements in the most expensive political campaign in the country this year.<\/p>\n The latest polls show he will fail \u2013 again. In 2020, Mr Steyer sunk $340 million (\u00a3252m) on presidential bid that he later abandoned.<\/p>\n He is trailing six points behind his Democrat rival, Xavier Becerra, the former health secretary to Joe Biden.<\/p>\n California\u2019s \u201cjungle primary\u201d 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<\/a>.<\/p>\n It has been an unprecedentedly messy contest to replace the term-barred Gavin Newsom<\/a>.<\/p>\n It has been an unprecedentedly messy contest to replace the term-barred Gavin Newsom – Annabelle Gordon<\/p>\n 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<\/a> and Democrats began flocking behind Mr Becerra.<\/p>\n But it is still a volatile race.<\/p>\n 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.<\/p>\n About 1 in 4 voters are still undecided, according to polls.<\/p>\n Mr Steyer\u2019s tagline has been making California affordable \u2013 an unusual message from someone in the top one per cent, but he argues that \u201cbillionaires like me must pay their fair share\u201d.<\/p>\n He is an advocate for the proposed billionaire tax<\/a>, 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.<\/p>\n Mr Steyer\u2019s campaign is trying to ride the wave of anti-elite populism swelling in California – Patrick Fallon<\/p>\n 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.<\/p>\n But for many Californians, his own vast wealth of $2.4 billion (\u00a31.78bn) has been a sticking point.<\/p>\n \u201cThere is a long history of rich candidates running for office in California and failing badly,\u201d said Garry South, a prominent Democratic political strategist who has run four governor campaigns.<\/p>\n \u201cIf someone has tens of millions to throw at a campaign with no guarantee of success, voters think \u2018how can they identify with me and my family and day-to-day financial needs\u2019. At the end of the day, that is what kills them.\u201d<\/p>\n Even progressive voters who like all of Mr Steyer\u2019s policies are conflicted.<\/p>\n Grace, 25, who described herself as hard-Left, said: \u201cWhich is the lesser of two evils? I don\u2019t like billionaires, but Tom Steyer has the most progressive politics.\u201d<\/p>\n Her friend, G, felt the same lack of options. \u201cI feel uninspired. We\u2019re cooked,\u201d she said. \u201cThere is no such thing as an ethical billionaire, but I care about the environment and he\u2019s the only candidate focused on climate policies.\u201d<\/p>\n Trying to \u2018buy an election\u2019<\/p>\n Mr Steyer\u2019s wealth has also been an easy target for his rivals and critics, who have repeatedly accused him of trying to \u201cbuy an election\u201d.<\/p>\n Corporations, largely oil and gas companies, as well as tech billionaires, have spent an estimated $30 to $50 million on attack advertisements against him.<\/p>\n \u201cMoney has poured into this primary like there is no tomorrow and there is no end in sight,\u201d said Francesco Trebbi, a public policy professor at the University of California in Berkeley, arguing that it reflects broad trends in California.<\/p>\n![\"Gavin](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/06\/4637960192d150a7cdf644855bbcaa5a.jpeg\"\/)
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![\"Xavier](\"https:\/\/www.newsbeep.com\/us-ca\/wp-content\/uploads\/2026\/06\/a1ccfb054665f8a39baa3daba4b100d9.jpeg\"\/)
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