Is California’s Governor race for sale? Tom Steyer’s $195M expense on ads raise questions

SACRAMENTO, CALIFORNIA: Billionaire Democrat Tom Steyer has launched the most expensive political advertising campaign this year as he competes in California’s gubernatorial race. According to advertising tracker AdImpact, the former hedge fund manager and liberal activist has spent more than $195 million on television, cable, and radio advertising, with the total still climbing ahead of the June 2 primary.

The spending has elevated Steyer into the top tier of candidates battling for two spots in California’s “top two” primary system, but it has also intensified criticism from rivals who argue that the race is becoming dominated by personal wealth and outside money rather than grassroots campaigning or political experience.

Critics question whether billionaire wealth is reshaping the race

Steyer’s unprecedented spending has triggered criticism from opponents who accuse him of attempting to use his fortune to dominate the election conversation. Former Rep Katie Porter, one of several Democrats in the race, sharply criticized Steyer’s reliance on personal wealth. “She isn’t spending hundreds of millions of dollars of personal wealth trying to buy the governor’s office,” Porter’s campaign wrote in a fundraising email to supporters.

Steyer’s advertising total is more than 20 times larger than the amount spent by his closest rival, fellow Democrat Xavier Becerra. Nationally, no other statewide candidate has approached Steyer’s level of spending this election cycle.

Meanwhile, Xavier Becerra has attempted to turn voter fatigue over Steyer’s ad saturation into a campaign issue. One Becerra advertisement featured calm California scenery alongside the message, “You can stop the endless Tom Steyer ads. Vote Xavier Becerra.”

Despite the financial advantage, Steyer has not established a commanding lead in polling. The race remains crowded, with more than 50 candidates on the ballot and no clear frontrunner emerging in the final stretch before voting concludes.

Massive campaign spending does not always guarantee victory

Political analysts note that history offers several examples of wealthy candidates failing despite enormous campaign investments. Billionaire developer Rick Caruso spent more than $100 million during his unsuccessful 2022 Los Angeles mayoral campaign, while former New York City Mayor Michael Bloomberg spent more than $1 billion on his 2020 presidential bid before withdrawing early.

The scale of Steyer’s spending has surpassed the raw advertising totals spent by Republican Meg Whitman during her 2010 gubernatorial campaign, which at the time became the most expensive statewide race in US history. Whitman ultimately lost the election despite heavily financing her own campaign.  

Steyer, who has never held elected office, has previously defended the use of his personal fortune in politics. During his 2019 presidential campaign, he dismissed suggestions that he was attempting to purchase political office. “I don’t think that’s possible,” Steyer said at the time, adding, “I’m never going to apologize for succeeding in business. That’s America, right?”