Tom Steyer's second attempt to buy his way into elected office has failed. The billionaire climate activist spent more than $215 million of his own money on his California gubernatorial campaign, only to finish outside the top two in the state's all-party primary Tuesday.
Former conservative commentator Steve Hilton and Health and Human Services Secretary Xavier Becerra advanced to the general election, according to NBC News projections. Steyer's massive spending apparatus could not overcome the structural reality of California's primary system: money alone does not guarantee political viability.
The scale of his financial commitment was staggering. Steyer's campaign deployed $209 million on television advertising alone, capturing roughly two-thirds of all ad spending in the entire gubernatorial race across dozens of candidates and outside groups. For comparison, Becerra, who finished second in ad spending, spent just $11.7 million.
This is Steyer's second major electoral defeat fueled by nine-figure self-funding. In 2020, he ran for president and invested more than $300 million in that campaign, contributing $318 million directly and lending another $24 million. Despite spending more than every Democratic candidate except Joe Biden, Donald Trump, and Michael Bloomberg, Steyer dropped out in late February after the Iowa caucuses and other early contests yielded minimal support.
Steyer has long favored the political checkbook as his weapon of choice. In 2013 through 2020, he funneled $277 million into his NextGen Climate Action Committee. He spent $27 million on his Need to Impeach group during Trump's first term, and recently invested $14 million in television ads supporting California's successful ballot measure to allow Democratic redistricting of congressional districts.
The pattern is clear: when Steyer identifies a political priority, he deploys vast resources. Yet electoral politics has proven resistant to his approach. Voters in primaries, where participation is lower and name recognition less predictable, have repeatedly rejected his candidates despite saturation advertising campaigns.
Steyer's wealth remains extraordinary, but California's 2024 governor's race demonstrated that resources alone cannot manufacture political momentum or public enthusiasm. His exit from the race leaves him free to continue directing his fortune toward ballot measures and advocacy groups, venues where his spending has proven more effective.
Author Sarah Mitchell: "Steyer's record shows that money is a necessary tool in politics, but not a sufficient one. He learned that lesson twice, and the California electorate made it stick."
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