Billionaire Steyer Spends Millions to Dominate California Governor's Race

Steyer's massive ad buys dwarf spending by other candidates in wide-open contest.

Apr. 19, 2026 at 4:13am

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A quiet, cinematic painting of an empty political office space with a single desk and chair in the center, bathed in warm, diagonal sunlight and deep shadows, conceptually illustrating the influence of money in the California governor's race.Billionaire political spending casts a long shadow over California's wide-open governor's race.Los Angeles Today

In the race for California governor, billionaire Tom Steyer is using his personal fortune to saturate TV and digital ads, spending over $115 million - nearly 30 times more than his nearest Democratic rival. While Steyer's ads have boosted his polling, he has yet to break away from the crowded field, leaving some to question if his massive spending is translating to votes.

Why it matters

Steyer's unprecedented spending in the governor's race has raised concerns about the influence of money in politics, with opponents accusing him of trying to 'buy' the election. The race is also seen as crucial for Democrats, who fear their large field of candidates could lead to the party getting shut out of the general election.

The details

Steyer's ads, in which he promises to lower household costs and take on federal immigration enforcement, have become ubiquitous in the Los Angeles media market. His spending dwarfs that of his nearest Democratic rival, and even exceeds the record-setting $178.5 million spent by Republican Meg Whitman in her 2010 gubernatorial bid. However, Steyer has yet to break away from the pack in polling, leading some to question the effectiveness of his massive ad buys.

  • Mail-in ballots for the June 2 primary election will be sent to voters next month.
  • Steyer entered the race after former Democratic Rep. Eric Swalwell abruptly withdrew following sexual assault allegations, which he denies.

The players

Tom Steyer

A billionaire hedge fund manager-turned-liberal activist who is using his personal fortune to saturate California with political ads in the governor's race.

Katie Porter

A former Democratic U.S. Representative and one of Steyer's chief rivals in the governor's race.

Eric Swalwell

A former Democratic U.S. Representative who withdrew from the governor's race following sexual assault allegations, which he denies.

Steve Hilton

A conservative commentator who received an endorsement from former President Donald Trump in the governor's race.

Chad Bianco

A Republican candidate in the California governor's race.

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What they’re saying

“Billionaire money is flooding our state in an attempt to buy this election.”

— Katie Porter, Former U.S. Representative

“If your first round of ads doesn't move you dramatically (in the polls), the third, fourth, fifth, six, seventh and eighth rounds won't either.”

— Bill Carrick, Veteran Democratic Strategist

“I don't think that's possible. I'm never going to apologize for succeeding in business. That's America, right?”

— Tom Steyer

What’s next

The June 2 primary election will determine which two candidates advance to the November general election.

The takeaway

Steyer's unprecedented spending in the California governor's race has raised concerns about the influence of money in politics, with opponents accusing him of trying to 'buy' the election. However, his massive ad buys have yet to translate to a clear lead in the crowded field, leaving some to question the effectiveness of his strategy.