As the highly competitive race for California governor intensifies, billionaire self-funded candidate Tom Steyer faces a challenging path despite his substantial financial backing. Steyer has invested approximately $27.4 million into his campaign, significantly outpacing the combined expenditures of his rivals, which total around $15 million. This financial dominance has yet to translate into strong polling numbers, however, as Steyer is currently positioned at just 5% support among voters, according to a recent Emerson College poll.
In the same poll, East Bay Representative Eric Swalwell leads with 12%, closely followed by former Orange County Representative Katie Porter at 11%. A significant portion of voters, 31%, remain undecided, indicating a highly competitive atmosphere as the June primary nears. San Jose Mayor Matt Mahan, who has recently entered the race, was not included in the poll.
Positioning himself as a progressive outsider, Steyer criticized the status quo in a recent campaign ad where he stated, “Sacramento politicians are afraid to change up this system — I’m not.” However, analysts suggest that despite his deep campaign war chest, he may struggle to resonate with voters, particularly due to perceptions surrounding his vast wealth. David McCuan, a political science professor, noted Steyer’s “plausibility and believability problem” in overcoming the challenges posed by being a billionaire.
Steyer is not the first wealthy candidate to vie for California’s gubernatorial seat. The state has seen past candidates like former Hewlett-Packard CEO Meg Whitman and businessman Al Checchi invest heavily in their campaigns without success, which serves as a reminder that financial muscle does not guarantee electoral victory. Steyer’s previous political experience includes a failed attempt in the 2020 Democratic presidential primaries, during which he spent over $250 million.
Katie Porter’s campaign, with the second-highest fundraising total at $6.1 million, highlights a different strategy. Her campaign emphasizes grassroots support, having received contributions from over 59,000 individual donors. In contrast, conservative candidates like Steve Hilton and Riverside County Sheriff Chad Bianco are also gaining traction in fundraising, with Hilton reporting $5.7 million raised, reflecting a competitive Republican presence in the race.
The dynamics of the race are further complicated by the unique nature of California’s primary system, which allows the top two candidates, regardless of party affiliation, to advance to the general election. This arrangement raises concerns among Democrats about potentially splitting the vote and allowing Republican candidates to emerge stronger in the final contest.
As the campaign unfolds, candidates such as Mahan are attempting to leverage a message of moderation and connect with the electorate, aiming to gain footing despite the challenges of recognition and support. His appeal to Silicon Valley and opposition to proposals like a one-time billionaire’s tax could play a pivotal role in shaping his campaign.
Steyer concluded a recent social media post with, “I’m the billionaire who will fight billionaires,” encapsulating his commitment to a campaign that aims to resonate with voters while challenging the establishment. With the race still in its early stages, everything hinges on how well candidates can connect with the electorate in the months leading up to the primary.