{"id":1057,"date":"2026-06-10T10:30:10","date_gmt":"2026-06-10T10:30:10","guid":{"rendered":"https:\/\/california-relocation-journal.com\/?p=1057"},"modified":"2026-06-10T10:30:10","modified_gmt":"2026-06-10T10:30:10","slug":"why-tom-steyers-216-million-gubernatorial-bid-failed","status":"publish","type":"post","link":"https:\/\/california-relocation-journal.com\/?p=1057","title":{"rendered":"Why Tom Steyer\u2019s $216-million gubernatorial bid failed"},"content":{"rendered":"
\n

Californians couldn\u2019t escape billionaire Tom Steyer\u2019s political ads \u2014 during newscasts, sitcoms, or sporting events; on streaming services, YouTube, influencers\u2019 social media feeds, or their mailboxes. Even the Puppy Bowl.<\/p>\n

Read more Former Fox News host Steve Hilton clinches a top spot in governor\u2019s race, will challenge Xavier Becerra<\/a><\/p>\n

Yet despite spending a record-shattering $216 million of his wealth on his run for governor, the Democrat failed to win enough votes in last week\u2019s primary to advance to the November general election to replace termed-out Gov. Gavin Newsom.<\/p>\n

\u201cMoney isn\u2019t everything, even though it obviously helps,\u201d said Andrea Godfrey Flynn, a marketing professor at the University of San Diego. \u201cIt boosted Steyer way up. \u2026 But there are so many other factors at play that it may not have been enough.\u201d<\/p>\n

Steyer, a hedge fund co-founder turned environmental warrior, polled at 1% shortly before he entered the governor\u2019s race in November, according to a survey by UC Berkeley\u2019s Institute of Governmental Studies that was co-sponsored by the Los Angeles Times.<\/p>\n

He climbed in subsequent polls, hitting 19% in the same poll shortly before the June 2 primary, putting Steyer in contention for winning one of the top two spots in the contest that would allow him to advance to the November election. But then he hit a ceiling, and on Tuesday, it became official that he failed to advance.<\/p>\n

Steyer emailed supporters Tuesday expressing gratitude for their efforts backing his campaign, endorsements and votes.<\/p>\n

\u201cTogether, we fought for a California that belongs to the people who keep it running every day, and we insisted that they do not have to settle for a system that protects corporate profits at the expense of working people,\u201d he wrote. \u201cI\u2019m proud of how we never compromised our values or lowered our sights for what California can and should be.\u201d<\/p>\n

He pointed with pride at major corporations such as Chevron and Meta spending heavily to oppose his bid, and said their tens of millions of dollars spent attacking him shows the flaws in the electoral system. And he acknowledged that may be part of the reason some voters were skeptical of voting for a billionaire. <\/p>\n

\u201cI\u2019m proud of the enemies we made,\u201d Steyer said. \u201cThis campaign proved that business-as-usual depends on politics-as-usual, and there is no going back. We must continue to fight for a system where democracy serves Californians, not corporations \u2014 and where you do not have to be a billionaire to run on single-payer, or on breaking up monopolies, or on calling out a corrupt system when you see it. Because people are fed up with a system rigged to benefit billionaires and leave them behind.\u201d<\/p>\n

As of Tuesday evening, Steyer had received more than 1.9 million votes of the more than 9 million cast, lagging behind the two candidates who will appear on the November ballot: Republican Steve Hilton, a former Fox News commentator, and Democrat Xavier Becerra, a longtime elected official who most recently served in President Biden\u2019s cabinet. Steyer was trailing Hilton, the second-place finisher, by just over 200,000 votes. <\/p>\n

Steyer immediately endorsed Becerra, whom he had relentlessly attacked in the closing weeks of the campaign as beholden to corporations with business in front of the governor.<\/p>\n

California has a history of unsuccessful self-funders. Former Northwest Airlines co-chairman Al Checchi spent more than $40 million of his money on an unsuccessful gubernatorial primary campaign in 1998, which broke records at the time.<\/p>\n

More than a decade later, former EBay chief Meg Whitman spent $144 million of her wealth on her bid to become California\u2019s governor, setting a new national record for spending on a state election. She won the GOP nomination but lost in the general election.<\/p>\n

This year\u2019s gubernatorial contest is not the first time Steyer has spent an inordinate sum seeking office. In 2020, he spent $342 million on a brief, unsuccessful presidential campaign.<\/p>\n

Sheri Sadler, a veteran Los Angeles-based Democratic media buyer, said Steyer\u2019s 2026 gubernatorial deluge was notable.<\/p>\n

\u201cI literally saw his spots ad nauseam,\u201d she said. \u201cThey left almost no stone unturned.\u201d<\/p>\n

Sadler worked for Steyer in the final weeks of his presidential bid and scheduled $50 million of billionaire Rick Caruso\u2019s money on ads during his unsuccessful 2022 Los Angeles mayoral campaign.<\/p>\n

She believes that Steyer hit a ceiling because voters who are bombarded by ads eventually feel that the candidate is trying to purchase their affection.<\/p>\n

Read more Supporters of L.A. County healthcare sales tax declare victory<\/a><\/p>\n

\u201cIt\u2019s one thing to give me a message I can resonate with. If they\u2019re just trying to buy my vote, that feels different to me,\u201d she said, adding that Steyer\u2019s wealth undermined his platform, which included support for raising taxes on billionaires. \u201cThat\u2019s my gut. And I feel like that\u2019s what happened to us on Caruso and possibly why he didn\u2019t run\u201d for governor this year.<\/p>\n

Steyer, 68, made his fortune founding a hedge fund that included investments in fossil fuels, private prisons and other businesses that are controversial among Democrats. He told voters that he walked away from the firm 14 years ago, leaving an enormous amount of money on the table, because it did not align with his morals. Steyer adds that he and his wife have pledged to give away most of their wealth before they die.<\/p>\n

And unlike many wealthy self-funders, Steyer did not leap into a campaign as a political neophyte who assumed their business skills would translate into being an effective elected official. <\/p>\n

Steyer and his wife, Kat Taylor, are longtime donors to Democratic candidates, but for well over a decade, they have spent hundreds of millions of dollars on liberal causes such as fighting climate change, mobilizing young voters, urging the impeachment of President Trump, opposing an effort by oil companies to suspend California environmental standards, increasing the state cigarette tax and supporting last year\u2019s redrawing of the state\u2019s congressional districts to counter Trump.<\/p>\n

Darry Sragow, a veteran Democratic strategist who advised Checchi, said that Steyer\u2019s focus on such causes had the potential to be meaningful to voters who are often skeptical about the sincerity and motives of rich candidates.<\/p>\n

\u201cTom Steyer has done a good job in that respect, because if you\u2019re going to overcome that skepticism, it\u2019s very helpful for the candidate to show that he or she has actually been involved in the world of public policy and politics for an extended period,\u201d and Steyer has, Sragow said.<\/p>\n

Assemblyman Isaac G. Bryan (D-Los Angeles), who endorsed Steyer, argued that he promoted proposals that were against his personal interests, such as the proposed billionaire\u2019s tax that is expected to appear on the November ballot.<\/p>\n

\u201cInterestingly enough, Tom Steyer is also the only candidate who\u2019s talked about campaign finance reform and wanting to get money out of politics, including his money, to return power to the people and have publicly financed elections,\u201d Bryan said after a Steyer rally near downtown L.A. on May 31. <\/p>\n

Former Orange County Rep. Katie Porter and state Supt. of Public Instruction Tony Thurmond also campaigned on limiting the influence of corporate PAC money in elections, or implementing publicly financed elections in California. Porter often criticized Steyer for running as a \u201cchange agent\u201d while spending millions he earned from investments in oil and gas.<\/p>\n

\u201cYou paid the lowest tax rate on this stage and yet you made the billions that you\u2019re using to fund your campaign off fossil fuels,\u201d she said to Steyer during an April 28 debate in Claremont.<\/p>\n

Political experts argue that messages that seem contradictory to a candidate\u2019s background, as well as drowning voters with incessant ads, can be jarring and off-putting to the electorate.<\/p>\n

\u201cIt can be an overload to voters where they hit that tipping point where they\u2019re no longer interested,\u201d Flynn said.<\/p>\n

Despite Steyer\u2019s foundational argument that his wealth meant he was not beholden to anyone, she said voters may be unable to reconcile a billionaire\u2019s ability to understand or empathize about an average Californian\u2019s needs.<\/p>\n

\u201cThe messaging still is a giant factor,\u201d Flynn said. \u201cI\u2019m curious [about] how believable it came across to voters \u2014 can you trust a billionaire to really care about affordability, someone who made money working with business or in business not to care about special interests?\u201d<\/p>\n

While Steyer campaigned as a hard-left liberal, he failed to be the top pick for progressives. Steyer had the support of 35% of likely voters who identified as strongly liberal while Becerra was backed by 37%, according to Berkeley\u2019s May poll.<\/p>\n

After talking to college Democrats at UCLA on the eve of the primary, Steyer said regardless of what happens in the primary, he will remain politically involved, though he would not run for president in 2028.<\/p>\n

\u201cI\u2019m going to keep working on these issues, because I\u2019ve been working full-time on these issues for 14 years,\u201d Steyer said. \u201cThere\u2019s no question what I\u2019m going to do. How I do it is a little bit up in the air.\u201d<\/p>\n

Read more Becerra and Hilton spar about electoral integrity as Trump claims California elections are rigged<\/a><\/p>\n

Times staff writer Dakota Smith contributed to this report.<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Despite spending a record-shattering amount of his wealth on his run for governor, Steyer failed to win enough votes in last week\u2019s primary to advance to the November general election.<\/p>\n","protected":false},"author":1,"featured_media":1056,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1057","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nWhy Tom Steyer\u2019s $216-million gubernatorial bid failed - California Relocation Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/california-relocation-journal.com\/?p=1057\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Tom Steyer\u2019s $216-million gubernatorial bid failed - California Relocation Journal\" \/>\n<meta property=\"og:description\" content=\"Despite spending a record-shattering amount of his wealth on his run for governor, Steyer failed to win enough votes in last week\u2019s primary to advance to the November general election.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/california-relocation-journal.com\/?p=1057\" \/>\n<meta property=\"og:site_name\" content=\"California Relocation Journal\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-10T10:30:10+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/#\\\/schema\\\/person\\\/b85b48ca4c2015dd056e0e9c18912121\"},\"headline\":\"Why Tom Steyer\u2019s $216-million gubernatorial bid failed\",\"datePublished\":\"2026-06-10T10:30:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057\"},\"wordCount\":1541,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/24c9efbbcbe3d3fbca248b34155558e9-scaled.jpg\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057\",\"url\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057\",\"name\":\"Why Tom Steyer\u2019s $216-million gubernatorial bid failed - California Relocation Journal\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/24c9efbbcbe3d3fbca248b34155558e9-scaled.jpg\",\"datePublished\":\"2026-06-10T10:30:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=1057#primaryimage\",\"url\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/24c9efbbcbe3d3fbca248b34155558e9-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/24c9efbbcbe3d3fbca248b34155558e9-scaled.jpg\",\"width\":2560,\"height\":1707,\"caption\":\"SAN FRANCISCO, CA - JUNE 02: Tom Steyer speaks to supporters during an election night watch party in Downtown San Francisco on Tuesday, June 2, 2026 in San Francisco, CA. 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