Tom Steyer’s campaign for governor of California is spending money at a rapid rate, seemingly only able to be sustained by a continuous influx of cash.
This month, Steyer contributed an additional $28.5 million to his campaign, bringing his total personal contributions to $66.7 million, based on recent campaign filings.
Previously, he had donated $9.3 million in January after an initial $28 million last year to jumpstart his campaign with a surge of advertisements.
This kind of extravagant spending puts him on track to break records, making comparisons with past high-spending campaigns inevitable. If he moves forward from the primaries, his improved polling since he launched his campaign in November might boost his chances.
In comparison, Governor Gavin Newsom spent $46.8 million during his inaugural gubernatorial campaign in 2018 and just $21.6 million to win re-election in 2022.
Despite the enormous funds, Steyer’s strategy of positioning himself as a “billionaire fighting billionaires” seems to resonate with some voters.
According to a recent Public Policy Institute of California poll, Steyer holds 10% support, trailing behind Democrats like former Rep. Katie Porter at 13% and Rep. Eric Swalwell at 11%. Porter raised $6 million in last year’s Democratic fundraiser, while Swalwell gathered $3.1 million, thanks in part to support from Hollywood figures.
Elizabeth Ashford, a Democratic consultant, remarked on Steyer’s commitment to progressive causes, commenting that he “brings a gun to a knife fight.”
Ashford acknowledged that his support for a proposed billionaire tax might shield him from criticisms regarding his status in the affluent elite, suggesting he understands the need for wealth to benefit marginalized groups.
Meanwhile, the strategists behind Zoran Mamdani’s New York mayoral campaign have helped refine Steyer’s focus on affordability. Jim Ross, a state political consultant, pointed out that Steyer has two significant advantages: he can use his wealth to garner attention and he’s addressing issues that other candidates aren’t tackling directly.
However, Steyer’s chances of becoming a front-runner seem uncertain. His candidacy may complicate Democrats’ attempts to secure a candidate in California’s top two nonpartisan primary elections.
Concerns recently arose among Democrats in San Francisco after polling indicated that former Fox News host Steve Hilton and Riverside County Sheriff Chad Bianco were leading in the highly competitive field.
With the March 6 filing deadline approaching, if lower-rated Democratic candidates do not withdraw, it could lead to a scenario where two Republicans advance to the general election—a situation many Democrats dread.
“I’m not even sure what the Democratic Party stands for anymore,” a political consultant remarked confidentially. “We aren’t discussing the issues that matter to voters.”
Meanwhile, Ross noted that the race is still developing, with candidates like San Jose Mayor Matt Mahn expected to invest heavily in advertising in the near future.
“We have a long way to go until the election,” Ross added. “Most voters might not even realize it’s occurring.”
However, he acknowledged that Steyer’s emphasis on billionaire taxes, environmental matters, and utility costs presents a sharper angle compared to Swalwell and Porter.
“Given the money and resources he’s investing, there’s a possibility he might make significant strides in the upcoming months,” Ross concluded.
