Tom Steyer, a billionaire former hedge fund manager turned liberal activist, has spent or booked more than $195 million on political advertising in his campaign for California governor, with data from the advertising tracking firm AdImpact showing the total as the highest such spending by any candidate in the nation this year. The tally, which covers broadcast television, cable and radio, continues to grow as Steyer and fellow Democrat Xavier Becerra, the state’s attorney general, compete for a top-two spot in the June primary.
The spending has drawn criticism from opponents who say Steyer is attempting to purchase the governor’s office. His ad total represents more than 20 times the amount spent by Becerra, who trails in the advertising race by a wide margin as the two seek to advance to the November general election.
Nationally, Steyer’s spending stands alone at the top. In Georgia, Republican health care executive Rick Jackson has spent about $83 million on advertising in his primary race for governor, which is headed for a June runoff, ranking him second, according to AdImpact. Lt. Gov. Burt Jones, who holds President Donald Trump’s endorsement, sits third with nearly $31 million in ad spending.
The fourth spot belongs to Democratic U.S. Rep. Raja Krishnamoorthi of Illinois, who spent over $28 million on advertising in a failed bid for U.S. Senate.
Steyer, who ran for president in 2020, has blanketed California airwaves with his campaign messages. His unprecedented spending in a crowded field with no clear front-runner has reshaped the contours of a race that also includes candidates such as Democratic state Superintendent of Public Instruction Tony Thurmond and former Rep. Katie Porter, though neither has been able to match Steyer’s financial firepower.
The record surpasses the previous California benchmark set by former eBay CEO Meg Whitman, who spent $119 million on her 2010 Republican gubernatorial campaign, including $71 million of her own money. Whitman lost to Jerry Brown despite her spending. On the national stage, former New York City Mayor Michael Bloomberg’s self-funded $1 billion presidential campaign in 2020 remains the all-time spending record across all levels of American politics.
Andrew Acosta, a Sacramento-based Democratic strategist, said Steyer’s advertising blitz makes it difficult for other candidates to break through, according to comments reported by the Associated Press. The volume of ads has defined the race’s early stages, with Steyer’s messaging dominating television screens across the state’s expensive media markets.