In an unprecedented display of political spending, billionaire Tom Steyer poured $216 million of his personal wealth into his campaign for California governor. Despite this massive investment, Steyer failed to secure one of the top two spots in the June 2 primary, falling just short of advancing to the November general election.
The campaign, marked by an extensive advertising blitz across various media platforms, highlighted Steyer’s commitment to progressive causes. However, his efforts were ultimately overshadowed by other factors that influenced voter decisions.
Steyer’s Campaign: A Financial Behemoth
The scale of Steyer’s campaign spending was nothing short of staggering. According to AdImpact, an ad-tracking firm, Steyer’s campaign accounted for approximately two-thirds of all ad spending in the entire governor’s race. This included a staggering $209 million in ad spending alone, dwarfing the $11.7 million spent by his closest competitor, Xavier Becerra.
Steyer’s campaign strategy was reminiscent of his 2026 presidential bidwhere he spent over $342 million of his own money. Despite his substantial financial investment, Steyer’s presidential campaign also failed to gain significant traction, leading to his early withdrawal from the race.
The Progressive Divide
One of the key factors that contributed to Steyer’s campaign falling short was the late unification of progressive support. In the final two weeks leading up to the election, progressive groups and activists rallied behind Steyer, highlighting his progressive platform and the corporate backing of his main competitor, Xavier Becerra.
However, this late surge in support was not enough to overcome the momentum that Becerra had built earlier in the campaign. Many voters, fearing a Republican victory in the top two primary system, opted for the ‘safe’ choice of Becerra, despite his corporate ties.
The Billionaire Factor
Steyer’s immense personal wealth, while a significant advantage in terms of campaign funding, also posed a challenge. Critics argued that Steyer’s billionaire status undermined his platform, which included proposals to raise taxes on the wealthy and break up monopolies.
Sheri Sadler, a veteran Democratic media buyer, suggested that voters may have felt that Steyer was attempting to purchase their affection rather than earn their support through genuine policy proposals. This perception may have contributed to Steyer’s failure to secure a spot in the November runoff.
The Top Two Primary System
The California primary system, which allows the top two vote-getters to advance to the general election regardless of party affiliation, also played a role in Steyer’s campaign. Fears of a Republican victory led many voters to support Becerra, despite his corporate backing.
Progressive groups have since called for a repeal of the top two primary system, arguing that it favors establishment candidates and makes it more difficult for progressive challengers to gain traction.
