{"id":6572,"date":"2026-06-10T19:03:28","date_gmt":"2026-06-10T19:03:28","guid":{"rendered":"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/06\/10\/why-tom-steyers-215-million-campaign-fell-short-in-california-governor-race-2\/"},"modified":"2026-06-10T19:03:28","modified_gmt":"2026-06-10T19:03:28","slug":"why-tom-steyers-215-million-campaign-fell-short-in-california-governor-race-2","status":"publish","type":"post","link":"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/06\/10\/why-tom-steyers-215-million-campaign-fell-short-in-california-governor-race-2\/","title":{"rendered":"Why Tom Steyer\u2019s $215 million campaign fell short in California governor race"},"content":{"rendered":"
<\/p>\n

Democrat Tom Steyer plowed a record $215 million of his own money in the race to become California\u2019s next governor and came up short.<\/p>\n

Read more There\u2019s a simple fix for Brandon Aiyuk\u2019s ugly 49ers divorce. It\u2019s not on Instagram<\/a><\/p>\n

<\/p>\n

The former hedge fund manager joins the campaign graveyard of self-funded business world converts who have tried and failed to win over California voters to become governor, from Democrat Al Checchi to Republican Meg Whitman.<\/p>\n

<\/p>\n

None spent as much in a primary as Steyer \u2014 or came as close to winning.<\/p>\n

<\/p>\n

Local election officials are still tabulating results, but the current tallies show the environmental activist came within a few percentage points of surpassing Republican Steve Hilton in what\u2019s already the most expensive governor\u2019s race in U.S. history.<\/p>\n

<\/p>\n

Steyer didn\u2019t have a major gaffe or scandal that torpedoed his campaign. But interviews with Steyer supporters and outside observers suggest some common themes.<\/p>\n

<\/p>\n

Steyer\u2019s wealth may have hurt as much as it helped<\/h2>\n

<\/p>\n

Steyer\u2019s campaign had to resolve a tension between his progressive platform and the \u201cbillionaire\u201d label that often prefaced his name. The wealth that enabled his candidacy also made him an awkward populist messenger.<\/p>\n

<\/p>\n

\u201cOne of his greatest strengths was also one of his greatest weaknesses,\u201d said Amar Shergill, a Steyer supporter and former chair of the California Democratic Party\u2019s progressive caucus.<\/p>\n

<\/p>\n

Steyer acknowledged as much himself in a concession statement Tuesday, saying it was \u201chard to blame\u201d people who \u201cjust couldn\u2019t stomach voting for a billionaire.\u201d<\/p>\n

<\/p>\n

Where past self-funded candidates have often been unapologetic about their wealth and C-suite experience, Steyer branded himself a \u201cclass traitor\u201d bent on disrupting the world where he\u2019d made his fortune.<\/p>\n

<\/p>\n

Rivals relentlessly attacked Steyer for some of the sources of his wealth, from private prisons to fossil fuels. Steyer said he regretted those decisions and tried to pivot the conversation to his top Democratic rival, Xavier Becerra, whose candidacy got a boost from corporate interests like Chevron and Meta.<\/p>\n

<\/p>\n

Steyer\u2019s wealth and past investments were a dealbreaker for some progressives, according to Irene Kao, executive director of Courage California, a progressive group that endorsed Steyer. Other voters she spoke to wanted to see a candidate more aligned with their background and life experience rather than another wealthy, white man from the Bay Area.<\/p>\n

<\/p>\n

\u201cHe is very much in the line of who we\u2019ve had for governor,\u201d Kao said.<\/p>\n

<\/p>\n

Then there was the question of why Steyer, who\u2019d run for president in 2020 but never held public office before, skipped conventional political stepping stones. Steyer pointed to his experience championing ballot measures and political advocacy on environmental and social justice issues. Those connections helped win him backing from major unions, but still couldn\u2019t rival Becerra\u2019s extensive resume serving in Congress, attorney general and in former President Joe Biden\u2019s cabinet.<\/p>\n

<\/p>\n

Steyer was also up against a rising backlash to the ultrawealthy, the likes of which hasn\u2019t been seen in the U.S. since the aftermath of the Gilded Age, according to Jefferey Winters, author of \u201cThe Blind Spot: How Oligarchs Dominate Our Democracy.\u201d Winters, a political science professor at Northwestern University, said Steyer\u2019s anti-elite rhetoric didn\u2019t entirely shield him from those realities.<\/p>\n

<\/p>\n

\u201cDeploying money power to influence politics is what oligarchs do, even when they are doing it for progressive policies,\u201d Winters said in an email. \u201cAmericans are very suspicious now of that kind of power in their democracy.\u201d<\/p>\n

<\/p>\n

Steyer\u2019s spending wasn\u2019t the full story. He faced well-funded attacks from interest groups like the California Chamber of Commerce and PG&E, many of which also boosted a pro-Becerra committee.<\/p>\n

<\/p>\n

Bob Shrum, a longtime Democratic strategist and political science professor at the University of Southern California, is unconvinced that Steyer\u2019s wealth doomed his candidacy. Shrum advised Checchi, a former airline executive, in his failed 1998 bid \u2014 a campaign that\u2019s often been compared to Steyer\u2019s. But he said the outcome in that race had more to do with intraparty attacks in the primary than Checchi\u2019s wealth. Shrum argued the door wasn\u2019t closed on self-funded candidates, whom he said got outsized scrutiny from the press compared to candidates who took contributions from special interest groups.<\/p>\n

<\/p>\n

\u201cWe take case studies of three or four people and we make a political rule out of that,\u201d Shrum said. \u201cI think that\u2019s just foolish.\u201d<\/p>\n

<\/p>\n

The relentless advertising can only go so far<\/h2>\n

<\/p>\n

Steyer\u2019s well-funded campaign allowed him to target ads in a way few other candidates could. He used that wealth to first introduce himself to voters and later, attack rivals.<\/p>\n

Read more CalFresh work requirements changed this month. Here\u2019s what you need to know<\/a><\/p>\n

<\/p>\n

The funding gave his campaign extra reach for harder to reach voters. It allowed the campaign to advertise on Spanish language radio stations in Fresno and San Diego in March, when some campaigns were still struggling to get on TV at all.<\/p>\n

<\/p>\n

But Steyer may have hit a ceiling in the amount his ads could influence voter behavior. Ken Goldstein, a former political media executive and professor at the University of San Francisco, said a good advertising campaign might move the needle 3 or 4 percentage points.<\/p>\n

<\/p>\n

\u201cIt clearly diminishes at the margin,\u201d Goldstein said. Still, he said, \u201craces are won and lost at the margin.\u201d<\/p>\n

<\/p>\n

Steyer\u2019s decision to lean heavily into negative advertising may also have weighed on voters\u2019 minds. Goldstein said negative ads are more unpredictable in multi-candidate fields, where it can be hard to know who will rise if one candidate falls.<\/p>\n

<\/p>\n

Courage California\u2019s Kao said the negative ads may have reflected poorly on Steyer, whose favorability ratings were nearly 10 percentage points lower than Becerra\u2019s in a final UC Berkeley poll in late May.<\/p>\n

<\/p>\n

\u201cI think it started to really turn people off,\u201d Kao said.<\/p>\n

<\/p>\n

The wide, unsettled Democratic field may have hurt Steyer<\/h2>\n

<\/p>\n

For months, California Democratic Party Chair Rusty Hicks openly fretted that Democrats\u2019 wide pool of primary candidates risked splitting the vote. Hypothetically it could have allowed two Republicans, Steve Hilton and Chad Bianco, to advance to the general election.<\/p>\n

<\/p>\n

Many other observers \u2014 including Hilton and Bianco \u2014 publicly doubted that would happen. The scenario became even less likely after President Donald Trump endorsed Hilton, with polls showing GOP voters consolidating behind the British Fox News commentator.<\/p>\n

<\/p>\n

But there are signs that word never made it to some Democratic voters; in one May survey, more than three-quarters of Democrats said they were concerned about getting locked out of the primary.<\/p>\n

<\/p>\n

Shrum said Becerra benefited from voters who feared a lockout and wanted to back the Democratic frontrunner. According to most polls in the last month of the race, that was Becerra, who was also a known quantity from his decades in public office.<\/p>\n

<\/p>\n

\u201cI think people wanted someone safe, reliable, and they wanted to make sure a Democrat got in the runoff,\u201d Shrum said.<\/p>\n

<\/p>\n

The results suggest that had progressives rallied behind a single candidate, they might have made the general election. Still, despite frustration by some Steyer supporters online, there\u2019s no guarantee the roughly 4% of voters who backed former Rep. Katie Porter, the other top progressive in the race, would\u2019ve gone to Steyer; the UC Berkeley poll found Becerra, not Steyer, was the second choice pick for the plurality of Porter\u2019s supporters.<\/p>\n

<\/p>\n

Kao said Becerra may have been perceived as more progressive by voters than by groups like Courage California; the group got that feedback from some voters after it endorsed Steyer.<\/p>\n

<\/p>\n

\u201cEven if he doesn\u2019t have a whole lot of concrete policies that necessarily suggest that he\u2019s progressive across the board, the perception was that he was progressive,\u201d Kao said.<\/p>\n

<\/p>\n

While Kao and former progressive caucus leader Shergill say they\u2019re concerned about Becerra\u2019s lightly defined policy platform and backing from corporate donors, Steyers has urged his supporters to back his former rival against Hilton. And in his concession statement, Steyer suggested he\u2019ll remain politically active.<\/p>\n

<\/p>\n

\u201cI wasn\u2019t born a billionaire, I won\u2019t die a billionaire. And I\u2019ll spend the rest of my life working alongside you to dismantle a system that only benefits billionaires,\u201d Steyer said.<\/p>\n

Read more Why Tom Steyer\u2019s $215 million campaign fell short in California governor race<\/a><\/p>\n

<\/article>\n","protected":false},"excerpt":{"rendered":"

The former hedge fund manager\u2019s progressive pitch clashed with his billionaire image as Steyer narrowly lost California\u2019s governor primary despite heavy ad spending.<\/p>\n","protected":false},"author":1,"featured_media":5628,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[92,4],"tags":[],"class_list":["post-6572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-california-elections","category-capitol-alert"],"yoast_head":"\nWhy Tom Steyer\u2019s $215 million campaign fell short in California governor race - San Diego Relocation News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sandiegorelocationnews.com\/index.php\/2026\/06\/10\/why-tom-steyers-215-million-campaign-fell-short-in-california-governor-race-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Tom Steyer\u2019s $215 million campaign fell short in California governor race - 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