Tom Steyer's California Governor Campaign Ends After Spending Over $200 Million
Billionaire climate activist Tom Steyer failed to advance to California's general election for governor despite spending more than $215 million of his own money on the race. This marks the second time Steyer has spent over nine figures on an unsuccessful bid for elected office, following his 2020 presidential campaign. The outcome highlights the limits of personal wealth in determining electoral success, even when deployed at unprecedented scale.
Tom Steyer's 2026 California gubernatorial campaign ended Tuesday when NBC News projected he failed to advance past the all-party primary, finishing outside the top two spots that qualify for the general election. Steyer spent more than $215 million of his own money on the campaign, with approximately $209 million directed toward television advertising—roughly two-thirds of all ad spending in the entire gubernatorial race across dozens of candidates and outside groups. This represents his second major electoral defeat despite massive personal investment; in 2020, he spent over $300 million on a presidential campaign before dropping out after the early contests. For context, the second-highest spender in the current California race, former HHS Secretary Xavier Becerra, spent only $11.7 million on ads. Steyer has a long history of significant political spending beyond electoral campaigns, including $277 million seeded to his climate action committee between 2013 and 2020, and $27 million on his impeachment advocacy group during Trump's first term.
What different sources said
- NBC NewsLeft
More than $200 million later, Tom Steyer’s second bid for elected office is done
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