{"id":738,"date":"2026-05-19T10:30:10","date_gmt":"2026-05-19T10:30:10","guid":{"rendered":"https:\/\/california-relocation-journal.com\/?p=738"},"modified":"2026-05-19T10:30:10","modified_gmt":"2026-05-19T10:30:10","slug":"billionaire-tom-steyers-192-4-million-self-funded-california-gubernatorial-bid-shatters-records","status":"publish","type":"post","link":"https:\/\/california-relocation-journal.com\/?p=738","title":{"rendered":"Billionaire Tom Steyer\u2019s $192.4-million self-funded California gubernatorial bid shatters records"},"content":{"rendered":"
\n

Billionaire Tom Steyer, a leading Democratic candidate for California governor, as of Monday has donated a record-shattering $192.4 million of his personal wealth to his campaign in the lead-up to the June 2 primary. <\/p>\n

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The cash infusion dwarfs the money raised by all his Democratic and Republican challengers combined, and has fueled a torrent of political ads and a campaign infrastructure that\u2019s kept him near the top of the opinion polls.<\/p>\n

But Californians have dismissed rich candidates in the past, especially those who use their own fortunes to appeal to a largely middle- and working-class electorate struggling with day-to-day expenses in the notoriously costly state. <\/p>\n

Steyer hopes to avoid the fate of former EBay CEO Meg Whitman, former Hewlett-Packard chief Carly Fiorina, banking and oil heir Michael Huffington and former Northwest Airlines co-chairman Al Checchi, none of whom were able to turn their riches into successful gubernatorial or senate campaigns in California over the last three decades. <\/p>\n

Darry Sragow, a veteran Democratic strategist who managed Checchi\u2019s unsuccessful 1998 bid for governor that set a self-funding record, said voters have long been skeptical of the motivation of rich people who run for office.<\/p>\n

\u201cTheir basic reaction is, this person is incredibly successful, has made obscene amounts of money, could do anything they want to do in the world. Why would they want to run for office? Why would they want to represent me? What\u2019s in it for them?\u201d Sragow said. \u201cAnd voters just go, \u2018You\u2019re just doing this for sport.\u2019 \u2026 because they\u2019re bored and they have big egos and they want something to do. That is the fundamental challenge for a self-funding candidate.\u201d<\/p>\n

Sragow said Steyer could benefit from his sustained involvement and financial support of climate change policy and other Democratic priorities, in addition to his immense spending in a race that lacks a clear front-runner less than three weeks before the primary.<\/p>\n

Steyer said his and his wife\u2019s decades-long work and funding of progressive causes sets him apart from previous wealthy self-funding candidates.<\/p>\n

\u201cI\u2019m completely different from those people,\u201d Steyer said in an interview on Friday. \u201cI\u2019ve been working full time on behalf of Californians for 14 years, and I was involved before that. You know, those people … never did anything but the private sector.\u201d<\/p>\n

He pointed to his and wife Kat Taylor\u2019s work on ballot measures that took on the tobacco and oil industries, protected environmental laws and taxed out-of-state corporations to fund schools. They also backed successful efforts providing free breakfast and lunch for every California schoolchild, registering 1.2 million voters in the state, and supporting the state\u2019s largest provider of services for immigrants, Steyer said.<\/p>\n

\u201c<\/b>We didn\u2019t just fall off the turnip truck. We didn\u2019t just decide in our boardroom [that] we\u2019re smarter than everybody else, they should listen to us.,\u201d Steyer said. \u201cWe have been working within this system as private citizens for really a long time, and that\u2019s the truth.\u201d<\/p>\n

Steyer said his background is completely different from the people who thought they would bring a business accounting method to state government, a belief he called \u201csuper juvenile.\u201d<\/p>\n

The hedge-fund founder turned environmental warrior has spent nearly $1 billion on his political pursuits. In addition to the $192.4 million Steyer has spent to date on his gubernatorial bid, he spent nearly $342 million on his unsuccessful 2020 presidential bid, $325 million on national Democratic candidates and causes, $67.4 million on state efforts and nearly $13.5 million backing a successful California gerrymandering ballot measure last year that was widely viewed as a precursor to his gubernatorial bid, according to state and federal fundraising disclosures and Open Secrets, a nonpartisan group that tracks electoral finances.<\/p>\n

Californians watching television cannot escape his ads during local newscasts, sitcoms and niche programming such as the Puppy Bowl (the Animal Planet show that airs on Super Bowl Sunday). <\/p>\n

Voters are being inundated with glossy multi-page mailers touting Steyer\u2019s environmental record, his work taking on corporations and President Trump, and his campaign promises to build 1 million new affordable homes in four years, cut electric bills by 25% and enact single-payer healthcare.<\/p>\n

Recently placing second in Real Clear Politics\u2019 average of recent polls, Steyer is now third behind Republican Steve Hilton, a former conservative commentator and political strategist, and Democrat Xavier Becerra, a longtime elected official who most recently served as President Biden\u2019s Health and Human Services secretary.<\/p>\n

Steyer\u2019s Democratic rivals argue that he is trying to buy the election with money his hedge fund made investing in fossil fuels, private prisons currently housing ICE detainees and other industries that are anathema to liberal voters. Only after making money from those ventures did he come out and oppose them, his challengers say.<\/p>\n

Steyer \u201cis a billionaire who got rich off polluters and ICE prisons and is now using that money to fund this election,\u201d former Orange County Rep. Katie Porter said during an April debate.<\/p>\n

Steyer responded that corporations such as Chevron and PG&E are spending heavily to defeat him because he is the sole candidate who would not be beholden to them.<\/p>\n

\u201c\u2018I\u2019m the only person in this race that the corporate special interests are spending money against, and they\u2019re spending tens of millions of dollars. And the reason that\u2019s true is because I said I will only put the interest of working Californians first,\u201d he told reporters last month in Sacramento. \u201cThey\u2019re worried that I mean it, and I do.\u201d<\/p>\n

Steyer said the idea that the money funding his campaign is from controversial investments is \u201cabsurd.\u201d<\/p>\n

\u201cThat is such a bunch of bull, that that\u2019s where my money comes from,\u201d he said in the interview. \u201cMy money came from long-term investing over 27 years. It did not come from a couple of investments out of thousands that were there for a very short time and were, in terms of the actual money, irrelevant.\u201d<\/p>\n

Additionally, endorsements by influential left-leaning organizations \u2014 including actor\/climate change activist Jane Fonda\u2019s political action committee, the California Nurses Assn. and the Natural Resources Defense Council\u2019s Action Fund \u2014 could assure voters who may be skeptical of his past.<\/p>\n

He has donated millions to environmental groups and individuals who have endorsed him. Their goals align with Steyer\u2019s long-term commitment to environmental causes. But he was accused of trying to use his money to win endorsements in Iowa and South Carolina during his 2020 presidential bid. He has also recently come under fire that social media influencers who were touting his gubernatorial candidacy did not disclose that Steyer was paying them.<\/p>\n

In the 2010 governor\u2019s race, Whitman spent $144 million of her wealth on an unsuccessful campaign, which set a record for statewide campaign spending in the nation until Democrat J.B. Pritzker broke it in 2018 by donating roughly $171.5 million of his fortune to his successful bid to be elected governor of Illinois. <\/p>\n

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Adjusted for inflation, Whitman\u2019s spending would be nearly $220 million today. But she spent the money in a lengthy primary and general election, while Steyer is still weeks away from the primary and will almost certainly contribute more money before the June 2 primary and if he advances to the November election. Steyer declined to say how much he plans to spend on his bid.<\/p>\n

Steyer\u2019s outsized spending in a state that is home to many of the nation\u2019s most expensive media markets could break the unsuccessful streak of wealthy Californians trying to win the state\u2019s top offices, according to political experts.<\/p>\n

\u201cSteyer is outspending his opponents by far more than any other self-funded candidate in California,\u201d said Dan Schnur, a longtime politics professor at USC, UC Berkeley and Pepperdine University. \u201cIt\u2019s not a question of his message but rather the magnitude of his spending.\u201d<\/p>\n

However, Schnur added that the unsettled nature of the race reflects Democratic voters\u2019 \u201cbuilt-in\u201d resistance to supporting a billionaire who became wealthy because of investments that contradict their morals.<\/p>\n

Veteran GOP strategist Rob Stutzman, a top adviser to Whitman during her 2010 campaign, said he didn\u2019t think voters\u2019 primary concern would be Steyer\u2019s self-funding, but the money could make a difference.<\/p>\n

\u201cIt\u2019s not just that Steyer has self-funded to this amazing number,\u201d Stutzman said. \u201cThere\u2019s really nobody [else] that\u2019s even spending enough money, arguably, to be successful.\u201d<\/p>\n

Steyer\u2019s net worth is estimated at $2.4 billion by Forbes.<\/p>\n

In 1986, Steyer founded Farallon Capital, once one of the largest hedge funds in the world. He sold his stake in it in 2012, saying he didn\u2019t want to be associated with investments that did not align with his values.<\/p>\n

\u201cThere\u2019s a reason I walked away from that business and walked away from a ton of money, because I felt like that is not the life I want,\u201d Steyer told San Francisco voters in March.<\/p>\n

Though Steyer has repeatedly expressed regret about Farallon\u2019s investments, his Democratic rivals argue that this is a convenient stance while Steyer benefits from the largess that Farallon created for him. He is using his money to not only tout his record and build a robust campaign operation, but to slash at competitors who present a threat to his candidacy.<\/p>\n

Steyer has unleashed a blistering attack ad campaign against Becerra, who was once mired in the single digits and surged in the polls after former Rep. Eric Swalwell (D-Dublin) dropped out of the race in April after being accused of sexual misconduct and assault.<\/p>\n

Ads on television and social media accuse Becerra of being inconsistent about his position on single-payer healthcare and about what he knew about a federal corruption scandal that ensnared a former top campaign strategist for stealing funds from a dormant Becerra campaign account.<\/p>\n

Steyer recently sent voters a mailer that castigates Becerra for taking campaign contributions from oil, tobacco and utility companies, and his handling of unaccompanied migrant children when he was HHS secretary.<\/p>\n

\u201cXavier Becerra was supposed to keep immigrant kids safe, but thousands were lost, trafficked, or exploited,\u201d the mailer says. \u201cBecerra failed to protect children and they paid the price. What price will California pay when he fails us?\u201d<\/p>\n

On April 27 on the social media platform X, Steyer also called on Becerra to return a $39,200 contribution from Chevron. <\/p>\n

Becerra responded with an ad that highlighted California\u2019s natural beauty, from the coastline to the desert to the redwoods, as a respite from the deluge of Steyer ads. <\/p>\n

\u201cTake a break from all those Tom Steyer ads. Enjoy,\u201d reads the introduction to the ad.<\/p>\n

When Swalwell was still in the race, and topping the field of Democratic candidates, Steyer questioned the then-congressman\u2019s eligibility to run for governor because of residency concerns, as well as his attendance record in Congress. Steyer ran ads saying that Swalwell skipped more than two-thirds of congressional votes while in office.<\/p>\n

Rich politicians have won prominent elected offices, including financial executive Jon Corzine, who spent more than $100 million of his money on campaigns for New Jersey senator and governor. In California, self-funders have won lower offices, including Lt. Gov. Eleni Kounalakis, who dropped out of the 2026 gubernatorial race and is now running for state treasurer; Richard Riordan in his 1993 Los Angeles mayoral bid; and Rep. Gil Cisneros, Rep. Sara Jacobs and former Rep. Jane Harman in their congressional races. <\/p>\n

Steyer has never been elected to public office. The two times he has jumped into a race, there was a familiar pattern.<\/p>\n

In last year\u2019s state campaign about redrawing California\u2019s congressional districts to counter Trump\u2019s efforts to do so in GOP-led states, Steyer spent significantly in support of the effort led by Gov. Gavin Newsom. However, he did not donate to the official campaign backing Proposition 50. Instead, he spent his money featuring himself in ads that were widely viewed as a way to raise his visibility among voters before a gubernatorial bid. <\/p>\n

In 2019, Steyer spent $8.5 million airing nearly 19,000 ads calling for Trump\u2019s impeachment, according to the Wesleyan Media Project. That was on top of several million dollars he spent on ads that featured himself, leading Trump to call him \u201cunhinged\u201d and a \u201cwacko\u201d in 2017. <\/p>\n

That year, when asked by The Times whether his financial support for Trump\u2019s impeachment was laying the groundwork for a future political bid, Steyer demurred.<\/p>\n

\u201cOne of the things that is now true in American politics \u2014 it is reflected in that question \u2014 is there is no sense that people might try and do something for its own purpose,\u201d he said. \u201cThroughout American history, people have chosen to do the right thing \u2019cause they felt like it was important.\u201d<\/p>\n

A year and a half later, Steyer launched his presidential campaign. Facing similar questions about the source of his wealth and poor showings in early Democratic primaries, he dropped out in February of 2020.<\/p>\n

Read more Jack up taxes on California\u2019s rich? Popular liberal mantra, but bad idea<\/a><\/p>\n

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

Billionaire Tom Steyer shatters spending record in California governor’s race — and may be the first successful self-funder<\/p>\n","protected":false},"author":1,"featured_media":737,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"\nBillionaire Tom Steyer\u2019s $192.4-million self-funded California gubernatorial bid shatters records - 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=738\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Billionaire Tom Steyer\u2019s $192.4-million self-funded California gubernatorial bid shatters records - California Relocation Journal\" \/>\n<meta property=\"og:description\" content=\"Billionaire Tom Steyer shatters spending record in California governor's race -- and may be the first successful self-funder\" \/>\n<meta property=\"og:url\" content=\"https:\/\/california-relocation-journal.com\/?p=738\" \/>\n<meta property=\"og:site_name\" content=\"California Relocation Journal\" \/>\n<meta property=\"article:published_time\" content=\"2026-05-19T10:30:10+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=\"11 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=738#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/#\\\/schema\\\/person\\\/b85b48ca4c2015dd056e0e9c18912121\"},\"headline\":\"Billionaire Tom Steyer\u2019s $192.4-million self-funded California gubernatorial bid shatters records\",\"datePublished\":\"2026-05-19T10:30:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738\"},\"wordCount\":2207,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/20ce724243ab944c9a349d7057a5503f-scaled.jpg\",\"articleSection\":[\"Politics\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738\",\"url\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738\",\"name\":\"Billionaire Tom Steyer\u2019s $192.4-million self-funded California gubernatorial bid shatters records - California Relocation Journal\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/20ce724243ab944c9a349d7057a5503f-scaled.jpg\",\"datePublished\":\"2026-05-19T10:30:10+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/california-relocation-journal.com\\\/?p=738#primaryimage\",\"url\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/20ce724243ab944c9a349d7057a5503f-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/california-relocation-journal.com\\\/wp-content\\\/uploads\\\/2026\\\/05\\\/20ce724243ab944c9a349d7057a5503f-scaled.jpg\",\"width\":2560,\"height\":1704,\"caption\":\"Democrat Tom Steyer addresses the crowd at his election-eve rally the night before the South Carolina presidential primary on Friday, Feb. 28, 2020, in Columbia, S.C. 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