Billionaire Tom Steyer Fails to Advance to California Governor Runoff Despite $213 Million Spending
Tom Steyer, a billionaire hedge fund founder and Democratic activist, finished third in California's gubernatorial primary with 22.6% of the vote and failed to advance to the November runoff. Democrat Xavier Becerra (27.9%) and Republican Steve Hilton (25%) qualified for the general election under California's open primary system. Steyer's failure marks another unsuccessful self-funded campaign, following his 2020 presidential bid where he spent $340 million without winning a single state.
Tom Steyer finished third in California's gubernatorial primary election with 22.6% of the vote, missing the top-two cutoff for the November general election. Democrat Xavier Becerra and Republican Steve Hilton advanced with 27.9% and 25% respectively. Steyer spent $213 million of his own fortune on the campaign, continuing a pattern of substantial self-funding that has not yielded electoral success—he previously spent $340 million on his 2020 presidential campaign without winning any primary contests. Throughout his campaign, Steyer faced criticism from opponents over his wealth sources and past hedge fund investments in coal mining and private prisons, with critics arguing he was attempting to "buy" the office. Despite these challenges, Steyer's campaign focused on cost-of-living issues, housing affordability, healthcare, and environmental concerns.
What's missing
The articles do not explain why Steyer, despite polling competitively at 23% in pre-election surveys, underperformed relative to expectations and finished third rather than advancing as many anticipated. Additionally, there is limited analysis of what specific factors or messaging may have contributed to his failure to convert spending into votes.
What different sources said
- ForbesCenter
Billionaire Tom Steyer Doesn't Make California Governor Runoff After $200 Million Campaign
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