One billionaire spent over $115 million to attempt to buy a political job for which he has no prior experience

Billionaire Tom Steyer is currently orchestrating a massive spending spree in the race for California governor. This financial push is designed to saturate mobile devices and television screens across the state, particularly in Los Angeles. His high-dollar strategy has drawn sharp criticism from opponents who argue he is attempting to purchase the state’s most powerful position.

Data from the advertising tracker AdImpact reveals that Steyer has booked or already spent over $115 million on radio, cable, and broadcast TV ads. Per AP News, this amount outstrips the combined ad buys of all his major competitors by tens of millions of dollars. If he successfully navigates the June 2 primary election, he is on track to potentially surpass the $178.5 million record set by Republican Meg Whitman during her 2010 gubernatorial campaign.

Despite this aggressive investment, Steyer has yet to break away from the pack. Recent polling conducted by the Public Policy Institute of California showed a tight cluster of candidates. It is worth noting that this data was collected before the departure of Eric Swalwell, who withdrew from the race and resigned from Congress following sexual assault allegations he denies. 

He throw money at the problem, lets see if that fixes it

With mail-in ballots arriving next month, some experts are questioning the effectiveness of Steyer’s spending. Veteran Democratic strategist Bill Carrick noted that there appears to be something hindering Steyer’s momentum. Carrick stated, “If your first round of ads doesn’t move you dramatically (in the polls), the third, fourth, fifth, six, seventh and eighth rounds won’t either.”

History suggests that massive bank accounts do not always equate to electoral success. Rick Caruso spent over $100 million of his own money in a 2022 bid for Los Angeles mayor only to lose to Karen Bass, who spent significantly less. Michael Bloomberg similarly spent more than $1 billion on a 2020 presidential run that failed to gain traction, and Steyer himself saw his own 2020 presidential bid fall short despite personal spending. 

Steyer has never held elected office, which adds another layer of complexity to his campaign. When asked in a 2019 interview about accusations that he was attempting to buy the presidency, Steyer replied, “I don’t think that’s possible,” and added, “I’m never going to apologize for succeeding in business. That’s America, right?”

His campaign team maintains that his resources are a major asset. Spokesperson Kevin Liao said in a statement, “Tom now stands as the only Democrat with the grassroots energy, institutional backing and resources to advance to the general election.” Steyer has also secured an endorsement from the California Teachers Association. 

His current messaging focuses on issues like the cost of housing, where he states, “Everybody needs an affordable place to live,” and his desire to “abolish” U.S. Immigration and Customs Enforcement. With no clear leader in the race, Democrats are worried that a crowded primary field could lead to them being shut out of the November general election entirely, as California’s system only allows the top two finishers to advance regardless of party affiliation.