Billionaire hedge fund manager Tom Steyer is saturating California with campaign advertisements, spending at least $115 million on television, radio, and digital ads—nearly 30 times the spending of his nearest Democratic rival in the state’s wide-open race for governor. The spending dwarfs what all other major Democratic candidates and independent committees supporting them have combined to spend.
Despite the financial advantage, Steyer has not separated himself from a crowded field of seven leading Democrats and two Republicans, leaving political strategists questioning whether massive ad spending can overcome other factors holding back his campaign.
Billionaire Tom Steyer is spending at an extraordinary scale in California’s race for governor, using his personal fortune to saturate television, radio, and digital platforms with advertising while his rivals struggle to match his financial resources.
Steyer has spent or booked more than $115 million in ads, according to data compiled by advertising tracker AdImpact. The amount is nearly 30 times what his nearest Democratic competitor has spent. Even combining the ad spending of all major Democratic candidates with money from independent committees supporting candidates, Steyer outspends the entire field by tens of millions of dollars.
The spending is on pace to shatter the state’s record for a gubernatorial campaign. If Steyer wins the June 2 primary and continues at current rates, he could exceed the $178.5 million spent by Republican Meg Whitman in 2010, which at the time was the costliest campaign for statewide office in U.S. history.
Spending’s Limited Return on Polls
“Billionaire money is flooding our state in an attempt to buy this election,” said Katie Porter, a former U.S. representative and one of Steyer’s main competitors, in a warning to supporters this month.
Yet the spending has not translated into the commanding position his financial advantage might suggest. Recent polling from the nonpartisan Public Policy Institute of California found a tight cluster of candidates competing for top-tier support: Democrats Steyer and Porter, Republicans Steve Hilton and Chad Bianco, and Democrat Eric Swalwell, who has since exited the race. Steyer’s ad spending has improved his polling numbers, but he has not separated himself from the broader field.
Democratic strategist Bill Carrick, a longtime adviser to the late U.S. Senator Dianne Feinstein, questioned whether additional spending could overcome what appears to be a ceiling on Steyer’s support. “If your first round of ads doesn’t move you dramatically in the polls, the third, fourth, fifth, sixth, seventh and eighth rounds won’t either,” Carrick said. “There is something inherently holding Steyer back.”
Electoral history offers cautionary examples. Billionaire developer Rick Caruso spent over $100 million in 2022 to become Los Angeles mayor, much of it his own money, but was defeated by Mayor Karen Bass, who spent a fraction of his total. Billionaire former New York City Mayor Michael Bloomberg spent more than $1 billion of his own money in 2020 pursuing the presidency before dropping out. Steyer’s own spending proved insufficient in the 2020 presidential contest, where he withdrew from the race after a poor finish in the South Carolina primary.
A Candidate Without Election Experience
Steyer has never held elected office. In a 2019 interview with the Associated Press, when asked about criticism that he was attempting to buy elected office, he responded: “I don’t think that’s possible. I’m never going to apologize for succeeding in business. That’s America, right?”
The governor’s race shifted in recent weeks. Swalwell, a Democratic congressman who had been competing for the nomination, withdrew from the race and resigned from Congress following sexual assault allegations, which he denies. President Donald Trump endorsed conservative commentator Steve Hilton, crystallizing the Republican side of the primary.
Steyer benefited from one prominent endorsement following Swalwell’s withdrawal. The California Teachers Association, which had previously supported Swalwell, endorsed Steyer, giving him one of the most significant union endorsements in the race.
Campaign Platforms and Primary System Constraints
In his campaign advertisements, Steyer promises to “abolish” U.S. Immigration and Customs Enforcement, which has conducted immigration enforcement operations across California. In other advertisements, he focuses on one of the state’s most pressing economic challenges: the cost of housing. “Everybody needs an affordable place to live,” he says in one spot.
Democrats have expressed concern that the party’s numerous candidates could result in no Democratic nominee advancing to the general election in November. California’s primary system sends only the top two vote-getters to the general election, regardless of party affiliation.