Los Angeles: Win or lose, billionaire Democrat Tom Steyer will leave a mark in the record books in his bid to become California’s next governor — he is running the most expensive political advertising campaign in the country this year.
Steyer, a former hedge fund manager turned liberal activist, has spent or booked more than $195 million on ads for broadcast TV, cable and radio, with the total still rising, according to data compiled by advertising tracker AdImpact.
His torrent of ads has drawn criticism that he is attempting to buy the governor’s office, and his spending exceeds that of his nearest rival, fellow Democrat Xavier Becerra, by more than 20 times, as both compete for a spot in the November election.
Nationally, no one comes close.
In Georgia, Republican healthcare executive Rick Jackson has spent about $83 million on advertising in his primary race for governor, which is heading for a June runoff, placing him second. Third is his Republican rival, Lt. Gov. Burt Jones, who has former President Donald Trump’s endorsement and has spent nearly $31 million on ads, according to AdImpact.
He is followed by Democratic U.S. Representative Raja Krishnamoorthi of Illinois, who spent more than $28 million on advertising in an unsuccessful bid for the U.S. Senate.
Katie Porter, a former U.S. House member and one of several established Democrats in the California race, has repeatedly criticised Steyer for using his personal wealth to dominate advertising.
“She isn’t spending hundreds of millions of dollars of personal wealth trying to buy the governor’s office,” her campaign wrote in an email to supporters.
In raw figures, Steyer’s advertising blitz has surpassed the 2010 record set by Republican Meg Whitman, who spent $178.5 million on a losing bid for governor, much of it her own money. Adjusted for inflation, Whitman still holds the overall state record, although her spending covered the full election, not just the primary.
Steyer’s record-level spending has pushed him into contention in the crowded race, though he has not pulled ahead. He remains part of a leading group that includes Becerra and Republican Steve Hilton as the June 2 primary approaches. Mail voting began earlier this month.
His financial advantage has given him a clear publicity edge in the campaign’s final days, allowing a steady stream of advertising and online messaging challenging Becerra’s record, while Becerra lacks the funds for a comparable response.
One Becerra advertisement sought to connect with voters overwhelmed by Steyer’s ads, featuring calm scenes of nature alongside the message: “You can stop the endless Tom Steyer ads. Vote Xavier Becerra.”
Steyer’s resources have also enabled him to expand beyond traditional media, with a strong presence on platforms such as YouTube and Instagram. Reports indicate his campaign has also worked with influencers, a tactic adopted by other candidates as well.
Many voters have been slow to cast ballots in a race lacking a dominant candidate or clear frontrunner. More than 50 names will appear on the ballot under California’s “top two” primary system, in which the two highest vote-getters advance to November regardless of party.
“In a race this close, it all matters,” said Democratic consultant Andrew Acosta.
History suggests that high spending does not guarantee victory. Billionaire developer Rick Caruso spent more than $100 million in his 2022 Los Angeles mayoral bid but lost decisively. Similarly, Michael Bloomberg spent over $1 billion on his 2020 presidential campaign before withdrawing, and Steyer himself failed to gain traction in that race despite heavy spending.
The contest comes as California faces ongoing challenges, including a homelessness crisis, wildfire insurance shortages, budget pressures and high housing costs. At the same time, voters are dealing with rising everyday expenses for groceries, utilities and fuel.
AdImpact’s data does not include advertising on some streaming platforms or spending on mail campaigns.