Tom Steyer Invests $66 Million in California Gubernatorial Campaign

Tom Steyer’s campaign for the California governorship is burning through funds at an astonishing rate, with his solution seemingly being to inject even more money into the effort.

Recent campaign finance disclosures reveal that Steyer, a former hedge fund manager turned progressive environmental advocate and prominent Democratic benefactor, has added another $28.5 million to his campaign this month. This latest contribution raises his total personal investment in the race to a staggering $66.7 million.

In January alone, Steyer contributed $9.3 million to his campaign, building on the $28 million he spent last year to kick off his campaign with a barrage of advertisements.

The candidate’s dramatic increase in spending suggests he might surpass the record-breaking $144 million that Meg Whitman spent during her gubernatorial bid if he advances past the primary. This spending spree aligns with a noticeable uptick in Steyer’s polling numbers since he entered the race in November.

For context, Governor Gavin Newsom’s campaign expenditure was $46.8 million during his first successful run for governor in 2018, as reported by the Secretary of State’s office. He spent significantly less, $21.6 million, to secure a second term in 2022.

Despite being a billionaire himself, Steyer’s campaign message of being “the billionaire who will fight billionaires” seems to be resonating with voters.

A new poll by the Public Policy Institute of California had Steyer garnering 10% support — just behind Democrats such as former congresswoman Katie Porter (13%) and Rep. Eric Swalwell (11%). Porter finished second in Democratic fundraising last year with $6 million, while Swalwell — supported by a coterie of Hollywood A-listers — hauled in $3.1 million.

“Tom Steyer is not f—ing around,” said Elizabeth Ashford, a Democratic political consultant. “He has shown up a long time consistently for progressive causes.

“He’s bringing a gun to a knife fight.”

Ashford noted that Steyer’s support of the proposed billionaires’ tax helps barricade him from attacks on being part of the wealthy elite that take more than they give back to California.

“Unlike billionaires who have only gotten activated by a threat of a tax, he’s been in the mix for a long time and he understands that kind of wealth has to give black,” Ashford said. “He’s kind of doing the thing that people think billionaires should do, which is try to help.”

Operatives who worked on Zohran Mamdani’s stunning campaign for New York City mayor have helped Steyer hone his messaging, which consistently goes back to affordability.

“Tom Steyer has two things going for him: one is all this money to buy attention,” said Jim Ross, a state political consultant who’s not working on the governor;’s race. “And the second is he’s the only one talking about the issues, getting the billionaires to pay their fair share and the environment.”

However, Steyer is far from a frontrunner at this point and his candidacy could actually hurt Democrats’ hopes of getting at least one candidate out of the nonpartisan, top-two primary format in June’s election.

Dems were panicking in San Francisco last weekend as polling has shown former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco are at or near the top of an absurdly crowded field. 

If some lower-polling Dem candidates don’t drop out of the race before the filing deadline on March 6, the party runs the real risk of allowing two Republicans to advance to the general election — a doomsday scenario for Democrats beyond what could be another pressing issue.

“I don’t even know what the Democratic Party even stands for anymore,” a state political consultant who works with Democrats told The Post on the condition of anonymity. “We’re not talking to voters about the things that matter to their lives.” 

Download The California Post App, follow us on social, and subscribe to our newsletters

Ross suggested the race is still in flux this early in the calendar, as candidates like San Jose Mayor Matt Mahn and a well-funded committee supporting him are expected to unleash millions in ad spending in the weeks and months to come.

“We have a long way to go before the election,” Ross said. “Most voters might not even know [the race] is happening.”

But he added that Steyer’s focus on the billionaires tax, the environment and the cost of utility bills is a line of attack that is more focused than Swalwell and Porter’s campaigns.

“With the amount of money and resources he’s pumping into his camping,” Ross said, “he could really move in the months to come.”