Tom Steyer’s Unprecedented $195M Spending in California Governor Race

Billionaire Democrat Tom Steyer has initiated the most monumental political advertisement endeavor in the U.S. this election cycle, vying for the governorship of California.

As reported by AdImpact, Steyer has either spent or locked in over $195 million across television, radio, cable, and digital platforms. This figure continues to grow as the June 2 primary date draws nearer.

A former hedge fund manager and a noted liberal voice, Steyer has financed his campaign predominantly through his wealth, now outspending his closest Democratic contender, Xavier Becerra, by a staggering 20 times.

No other candidate nationally has approached the spending level seen from Steyer. In fact, Republican Rick Jackson's expenditure of approximately $83 million in Georgia’s governor primary pales in comparison, as does Lt. Gov. Burt Jones with nearly $31 million.

Critics label Steyer’s campaign spending as an attempt to "buy" the governor's seat. Former U.S. House member Katie Porter has openly criticized his expenditure, emphasizing her own refusal to invest hundreds of millions to secure a position.

Steyer’s spending is also setting records in California’s political landscape. In 2010, Republican Meg Whitman's failed governorial bid saw her spend $178.5 million, which was previously the benchmark for costly statewide campaigns.

Despite his vast financial outlay, Steyer is facing a neck-and-neck race with several prominent candidates, including Xavier Becerra and Republican Steve Hilton.

Steyer’s financial edge allows for consistent visibility across various platforms, including television, radio, YouTube, Instagram, among others. Reports indicate his campaign paid a progressive influencer from Texas $100,000 to bolster support online.

In response, Becerra has initiated smaller campaigns that revolve around combating voter fatigue caused by Steyer’s relentless advertisements, proposing that voters could effectively "stop the endless Tom Steyer ads" by supporting him instead.

California's gubernatorial election features over 50 candidates on a single ballot due to the state’s "top two" primary system, allowing the top two vote-getters to advance to the November election, regardless of their party affiliations.

Political analysts suggest that Steyer’s substantial spending may play a crucial role in this tight race. Democratic consultant Andrew Acosta remarks that in competitive elections, every little advantage counts.

Nonetheless, history has shown that hefty campaign expenses don't always equate to triumph. For instance, billionaire Rick Caruso’s investment of over $100 million in the 2022 Los Angeles mayoral campaign ended in defeat against Karen Bass. Similarly, former New York City Mayor Michael Bloomberg poured more than $1 billion into his 2020 presidential bid, only to withdraw early.

Steyer, too, experienced a lack of traction in his 2020 presidential ambition despite his considerable financial backing.

As voters head into the governor’s race, pressing issues such as homelessness, soaring housing prices, wildfire insurance challenges, budget anxieties, and rising costs for essentials like groceries, fuel, and utilities weigh heavily on their minds.

Steyer has never held an elected post. He recently justified his political expenditures by stating he would never apologize for his business success and contended that money alone cannot secure electoral victories.