Silicon Valley Billionaires Flood Matt Mahan's California Governor Campaign with Millions

Rivals say Mahan is "owned by big tech" as he rakes in donations from tech and business elites

Published on Feb. 12, 2026

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San Jose Mayor Matt Mahan's 2026 campaign for California governor has received over $2.1 million in large contributions from Silicon Valley billionaires, venture capitalists, and real estate executives, according to newly filed state campaign finance reports. Donors include Google co-founder Sergey Brin, billionaire LA developer Rick Caruso, and conservative venture capitalists Joe Lonsdale and Garry Tan. An independent committee supporting Mahan's campaign also reportedly spent $1.5 million on a Super Bowl ad touting his credentials. Mahan's rivals have criticized him for being "owned by big tech" and beholden to corporate interests.

Why it matters

Mahan's ability to raise millions from tech and business elites raises questions about the influence of wealthy donors in California politics and whether Mahan would prioritize the interests of his deep-pocketed backers over the needs of average Californians if elected governor. The concentration of donations from Silicon Valley and LA highlights the regional power dynamics at play in the race.

The details

Mahan's campaign finance filings show he has raised over $7 million so far, with more than $2.1 million coming from large contributions. Max donors giving $39,200 for both the primary and general elections include Google co-founder Sergey Brin, billionaire LA developer Rick Caruso, conservative venture capitalists Joe Lonsdale and Garry Tan, and other tech and business leaders. An independent committee supporting Mahan also spent $1.5 million on a Super Bowl ad promoting his candidacy.

  • Mahan announced his campaign had reached a $7 million fundraising goal earlier this month (February 2026)
  • Mahan's campaign finance filings show over $2.1 million in large contributions (as of February 2026)

The players

Matt Mahan

The mayor of San Jose who is running for California governor in 2026.

Sergey Brin

The co-founder of Google, whose estimated net worth is around a quarter-trillion dollars, gave $78,400 to Mahan's campaign.

Rick Caruso

A billionaire real estate developer in Los Angeles who gave the maximum $78,400 contribution to Mahan's campaign.

Joe Lonsdale

A conservative venture capitalist who gave $78,400 to Mahan's campaign.

Garry Tan

The CEO of startup accelerator Y Combinator, who gave $78,400 to Mahan's campaign.

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What they’re saying

“As much as he likes to talk about back to basics, it's really back to the billionaires.”

— Ash Kalra, Assemblymember (D-San Jose) (SFGATE)

“His campaign is bankrolled by tech billionaires and corporate insiders who profit off your data, crush competition, attack unions, and pour money into surveillance and defense contractors. Californians deserve a governor who will stand up to corporate power, not bend the knee to it.”

— Tom Steyer (Statement)

The takeaway

Mahan's ability to raise millions from Silicon Valley and LA's business elite raises concerns that he may be beholden to the interests of his wealthy donors if elected governor, rather than prioritizing the needs of average Californians. The concentration of donations from the tech and real estate sectors highlights the regional power dynamics at play in the race.