Billionaire Tom Steyer's spending spree dominates California governor's race

Steyer's massive ad buys dwarf rival campaigns as he seeks to win the Democratic nomination

Apr. 19, 2026 at 3:06pm

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A highly textured, abstract painting featuring overlapping geometric shapes and brushstrokes in shades of blue, green, and yellow, conceptually representing the chaotic and high-stakes nature of the California governor's race.The flood of billionaire money into the California governor's race has created a frenetic political landscape as candidates jockey for position ahead of the primary election.Los Angeles Today

In the crowded race for California governor, billionaire Tom Steyer is outspending all of his competitors combined through a massive advertising blitz funded by his personal fortune. While Steyer's ads have saturated the airwaves, his spending has yet to translate into a clear lead in the polls, leaving some to question whether his money is buying him value. Steyer, a former hedge fund manager and liberal activist, has never held elected office before.

Why it matters

Steyer's unprecedented spending in the California governor's race raises questions about the role of money in politics and whether a wealthy outsider can leverage their personal wealth to win a major election. The race is also significant as Democrats try to avoid being shut out of the general election due to the state's primary system that advances the top two vote-getters regardless of party.

The details

Steyer has spent or booked over $115 million in ads for broadcast TV, cable and radio - nearly 30 times the amount of his nearest Democratic rival. 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. However, Steyer has not broken away from the field in polling, leading some to question whether his massive spending is providing value. In recent prior California governor's races, a leading candidate would have emerged by this stage, but this year the contest appears "frozen" with no clear frontrunner.

  • Steyer met with Los Angeles-area voters on Saturday during a stop on his Shared Prosperity town hall tour.
  • Mail-in ballots are set to go out to voters next month for the June 2 primary election.

The players

Tom Steyer

A billionaire hedge fund manager-turned-liberal activist who is running for California governor. Steyer has never held elected office before.

Katie Porter

A former U.S. Representative who is one of Steyer's chief rivals in the race for California governor.

Eric Swalwell

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

Steve Hilton

A conservative commentator who received an endorsement from former President Donald Trump in the California 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 judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.