Billionaires Backing San Jose Mayor Matt Mahan After Swalwell Exits California Governor's Race

Several major donors have contributed over $1 million each to independent groups supporting Mahan's campaign since Rep. Eric Swalwell dropped out amid sexual assault allegations.

Apr. 14, 2026 at 8:36pm

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A photorealistic painting of a California state capitol building in a warm, golden light, with deep shadows and a sense of solitude, conveying the quiet drama and high stakes of the gubernatorial race.The California governor's race has become a high-stakes battleground for billionaire donors seeking to influence the state's political future.San Jose Today

After Rep. Eric Swalwell dropped out of the California governor's race amid sexual assault allegations, several billionaires have thrown their support behind San Jose Mayor Matt Mahan's campaign. Billionaire donors like Rick Caruso, Reed Hastings, and Michael Moritz have contributed over $1 million each to independent groups backing Mahan, a centrist Democrat who has struggled to break through in the crowded primary. However, Mahan still trails other Democratic candidates like Katie Porter and Tom Steyer in the polls.

Why it matters

The California governor's race is wide open after Swalwell's exit, and billionaire donors are now trying to boost lesser-known candidates like Mahan in hopes of advancing to the general election. With California's open primary system, the top two vote-getters regardless of party will advance, meaning the crowded Democratic field could potentially result in two Republicans making it to the November election.

The details

Since Swalwell dropped out of the race on Sunday, at least three major donors have made substantial contributions to independent groups supporting Mahan's campaign. Real estate developer Rick Caruso, Netflix co-founder Reed Hastings, and Sequoia Capital partner Michael Moritz have each donated $1 million to pro-Mahan expenditure campaigns, according to California campaign finance records. Mahan, the current mayor of San Jose, has also received past support from billionaires like Alphabet co-founder Sergey Brin, who gave $1 million to a different committee backing the mayor in March.

  • Swalwell dropped out of the California governor's race on Sunday, April 13, 2026.
  • Caruso, Hastings, and Moritz made their $1 million donations to pro-Mahan groups on Monday, April 14, 2026.

The players

Matt Mahan

The current mayor of San Jose and a centrist Democratic candidate for California governor. Mahan has struggled to break through in the crowded primary race but is now receiving substantial financial support from billionaire donors.

Eric Swalwell

A U.S. Representative who previously ran for California governor but dropped out of the race on Sunday amid sexual assault allegations.

Rick Caruso

A billionaire real estate developer who unsuccessfully ran for mayor of Los Angeles in 2022. Caruso has donated $1 million to an independent group supporting Mahan's gubernatorial campaign.

Reed Hastings

The co-founder of Netflix, who has contributed $1 million to an expenditure campaign backing Mahan.

Michael Moritz

A partner at the venture capital firm Sequoia Capital, who has also donated $1 million to a pro-Mahan independent group.

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What’s next

The California primary election is scheduled for June 2, 2026, where voters will select the top two candidates to advance to the general election in November.

The takeaway

The exit of Rep. Eric Swalwell from the California governor's race has opened up opportunities for lesser-known candidates like San Jose Mayor Matt Mahan, who is now receiving substantial financial backing from billionaire donors. However, Mahan still faces an uphill battle to break through in the crowded Democratic primary, and the open primary system means the general election could potentially feature two Republicans despite California's Democratic lean.