tom steyer

As soon as enough votes were counted to officially knock Tom Steyer out of the California governor’s race, the anti-billionaire schadenfreude kicked in.

Social media and legacy media, conservative and liberal, all seemed to have a rare melding of the minds, delivering endless variations of, “How dare he try to buy elected office! We showed him.”

“I hope you received the message from California that a power-hungry communist billionaire cannot buy the state!” wrote one detractor on social media. “How much money did you waste spamming Californians? Do you know how many hundreds of millions of dollars you wasted?”

“What a waste,” screamed a New York Times headline, slamming Steyer for not donating that money directly to building houses or funding Planned Parenthood — one-off actions that prop up broken systems instead of changing them.

I get it.

In an age when income inequality is reaching serf-lord levels, hating the rich seems easy and reasonable. You could take several zeros off the $200 million Steyer spent on his campaign and it would still be more than most of us make in a lifetime. That’s a rage-inducing reality for many, if not most of us, for whom pairing a full tank of gas with a restaurant dinner seems like careless luxury these days.

I’m not here to defend the nine-zeroes class. But maybe we should take a beat and make sure our outrage is working for us, not against us. While Steyer has spent the last few months advocating for universal healthcare, better pay and protections for workers, and putting curbs on out-of-control corporations from the energy sector to AI, other billionaires have spent that time actively undermining democracy and our financial system. Heck, some even seem to be undermining humanity. Why aren’t we raging at them?

Take, for example, a certain billionaire who seemingly would prefer to be a trillionaire: Elon Musk.

Last week, his SpaceX held an IPO in which somehow the rules of Wall Street meant to protect small investors and pension plans were set aside to his benefit. Like it or not, if you hold a public pension or a 401(k) in America that uses index funds (which most do) you will likely be an investor in his unproven and possibly risky business. I’m sure that will work out fine.

Or consider the hundreds of millions of dollars right-wing AI and surveillance-company billionaires, some Californians, are dumping into political races across the country right now to ensure that their dangerous and unpredictable technologies are not regulated, or regulated in largely meaningless ways. It’s a situation so dire that one wealthy insider last week warned in his own op-ed that if his former colleagues are successful, “It could concentrate economic power in ways that would make the Gilded Age look quaint.”

Then there’s our president, king of self-enrichment, whose wealth has skyrocketed to more than $6 billion during his time in office. Much of that moola is in opaque cryptocurrency holdings, an industry he has championed as his fortunes in it have increased.

But don’t think Trump is in it only for himself: He’s enriching his family, too.

His daughter Ivanka recently made her own “eat cake” headlines over an alleged $1.5-billion project that would convert an uninhabited Albanian island into a luxury resort. The Albanians are so mad, they’ve been protesting in the streets for nearly two weeks. Meanwhile, her brothers have coat-tailed off their dad’s crypto-ventures to make their own fortunes, as other investors suffered losses.

Those are our individual billionaires, never mind the corporations, who can dump as much money as they want into our politics thanks to the Supreme Court’s 2010 Citizen’s United decision. In 2025, the oil and gas industry in California, led by Chevron and the Western States Petroleum Assn., spent about $34 million on lobbying. Not to be outdone, the Golden State’s water and electricity interests, including PG&E, spent about $35 million to bend politics to their will.

But sure, hate the goofy guy in the vintage Nikes pointing all this out.

“I’m proud of the enemies we made,” Steyer said in his concession. “In this race, those corporations revealed that they see a government that puts working people first as an existential threat — even when proposed by a billionaire. By spending $55 million — the most ever against a single candidate in a California primary — they showed the lengths they would go to in order to protect a status quo that only serves them and their profits.”

I don’t like the amount of money in our political system either, but the truth is, it’s there. And worse, the majority of those who have it seem intent on diminishing the political and economic power of those who don’t.

We are increasingly moving toward a country where the well-being of the majority of people will depend on the largesse of the few — Silicon Valley’s tech industry now talks about a universal basic income as a great boon for the coming mass unemployment they are creating.

But is existence off a charity-pittance really what we want for ourselves and our children? Do we really want these ultra-wealthy overlords to use their money unchecked to make decisions that will shape our future, diminish our rights and ultimately leave us without the power to fight back?

If Steyer wants to use his money to join this battle to keep power by the people and for the people, then the enemy of my enemy is my friend.

Like it or not, us average worker bees need money to fight money. In this age when animus eats discernment like the rich eat caviar, the luxury we really can’t afford is hating the good guys just because it’s easy — even if they’re billionaires.

Californians couldn’t escape billionaire Tom Steyer’s political ads — during newscasts, sitcoms, or sporting events; on streaming services, YouTube, influencers’ social media feeds, or their mailboxes. Even the Puppy Bowl.

Yet despite spending a record-shattering $216 million of his wealth on his run for governor, the Democrat failed to win enough votes in last week’s primary to advance to the November general election to replace termed-out Gov. Gavin Newsom.

“Money isn’t everything, even though it obviously helps,” said Andrea Godfrey Flynn, a marketing professor at the University of San Diego. “It boosted Steyer way up. … But there are so many other factors at play that it may not have been enough.”

Steyer, a hedge fund co-founder turned environmental warrior, polled at 1% shortly before he entered the governor’s race in November, according to a survey by UC Berkeley’s Institute of Governmental Studies that was co-sponsored by the Los Angeles Times.

He climbed in subsequent polls, hitting 19% in the same poll shortly before the June 2 primary, putting Steyer in contention for winning one of the top two spots in the contest that would allow him to advance to the November election. But then he hit a ceiling, and on Tuesday, it became official that he failed to advance.

Steyer emailed supporters Tuesday expressing gratitude for their efforts backing his campaign, endorsements and votes.

“Together, we fought for a California that belongs to the people who keep it running every day, and we insisted that they do not have to settle for a system that protects corporate profits at the expense of working people,” he wrote. “I’m proud of how we never compromised our values or lowered our sights for what California can and should be.”

He pointed with pride at major corporations such as Chevron and Meta spending heavily to oppose his bid, and said their tens of millions of dollars spent attacking him shows the flaws in the electoral system. And he acknowledged that may be part of the reason some voters were skeptical of voting for a billionaire.

“I’m proud of the enemies we made,” Steyer said. “This campaign proved that business-as-usual depends on politics-as-usual, and there is no going back. We must continue to fight for a system where democracy serves Californians, not corporations — and where you do not have to be a billionaire to run on single-payer, or on breaking up monopolies, or on calling out a corrupt system when you see it. Because people are fed up with a system rigged to benefit billionaires and leave them behind.”

As of Tuesday evening, Steyer had received more than 1.9 million votes of the more than 9 million cast, lagging behind the two candidates who will appear on the November ballot: Republican Steve Hilton, a former Fox News commentator, and Democrat Xavier Becerra, a longtime elected official who most recently served in President Biden’s cabinet. Steyer was trailing Hilton, the second-place finisher, by just over 200,000 votes.

Steyer immediately endorsed Becerra, whom he had relentlessly attacked in the closing weeks of the campaign as beholden to corporations with business in front of the governor.

California has a history of unsuccessful self-funders. Former Northwest Airlines co-chairman Al Checchi spent more than $40 million of his money on an unsuccessful gubernatorial primary campaign in 1998, which broke records at the time.

More than a decade later, former EBay chief Meg Whitman spent $144 million of her wealth on her bid to become California’s governor, setting a new national record for spending on a state election. She won the GOP nomination but lost in the general election.

This year’s gubernatorial contest is not the first time Steyer has spent an inordinate sum seeking office. In 2020, he spent $342 million on a brief, unsuccessful presidential campaign.

Sheri Sadler, a veteran Los Angeles-based Democratic media buyer, said Steyer’s 2026 gubernatorial deluge was notable.

“I literally saw his spots ad nauseam,” she said. “They left almost no stone unturned.”

Sadler worked for Steyer in the final weeks of his presidential bid and scheduled $50 million of billionaire Rick Caruso’s money on ads during his unsuccessful 2022 Los Angeles mayoral campaign.

She believes that Steyer hit a ceiling because voters who are bombarded by ads eventually feel that the candidate is trying to purchase their affection.

“It’s one thing to give me a message I can resonate with. If they’re just trying to buy my vote, that feels different to me,” she said, adding that Steyer’s wealth undermined his platform, which included support for raising taxes on billionaires. “That’s my gut. And I feel like that’s what happened to us on Caruso and possibly why he didn’t run” for governor this year.

Steyer, 68, made his fortune founding a hedge fund that included investments in fossil fuels, private prisons and other businesses that are controversial among Democrats. He told voters that he walked away from the firm 14 years ago, leaving an enormous amount of money on the table, because it did not align with his morals. Steyer adds that he and his wife have pledged to give away most of their wealth before they die.

And unlike many wealthy self-funders, Steyer did not leap into a campaign as a political neophyte who assumed their business skills would translate into being an effective elected official.

Steyer and his wife, Kat Taylor, are longtime donors to Democratic candidates, but for well over a decade, they have spent hundreds of millions of dollars on liberal causes such as fighting climate change, mobilizing young voters, urging the impeachment of President Trump, opposing an effort by oil companies to suspend California environmental standards, increasing the state cigarette tax and supporting last year’s redrawing of the state’s congressional districts to counter Trump.

Darry Sragow, a veteran Democratic strategist who advised Checchi, said that Steyer’s focus on such causes had the potential to be meaningful to voters who are often skeptical about the sincerity and motives of rich candidates.

“Tom Steyer has done a good job in that respect, because if you’re going to overcome that skepticism, it’s very helpful for the candidate to show that he or she has actually been involved in the world of public policy and politics for an extended period,” and Steyer has, Sragow said.

Assemblyman Isaac G. Bryan (D-Los Angeles), who endorsed Steyer, argued that he promoted proposals that were against his personal interests, such as the proposed billionaire’s tax that is expected to appear on the November ballot.

“Interestingly enough, Tom Steyer is also the only candidate who’s talked about campaign finance reform and wanting to get money out of politics, including his money, to return power to the people and have publicly financed elections,” Bryan said after a Steyer rally near downtown L.A. on May 31.

Former Orange County Rep. Katie Porter and state Supt. of Public Instruction Tony Thurmond also campaigned on limiting the influence of corporate PAC money in elections, or implementing publicly financed elections in California. Porter often criticized Steyer for running as a “change agent” while spending millions he earned from investments in oil and gas.

“You paid the lowest tax rate on this stage and yet you made the billions that you’re using to fund your campaign off fossil fuels,” she said to Steyer during an April 28 debate in Claremont.

Political experts argue that messages that seem contradictory to a candidate’s background, as well as drowning voters with incessant ads, can be jarring and off-putting to the electorate.

“It can be an overload to voters where they hit that tipping point where they’re no longer interested,” Flynn said.

Despite Steyer’s foundational argument that his wealth meant he was not beholden to anyone, she said voters may be unable to reconcile a billionaire’s ability to understand or empathize about an average Californian’s needs.

“The messaging still is a giant factor,” Flynn said. “I’m curious [about] how believable it came across to voters — can you trust a billionaire to really care about affordability, someone who made money working with business or in business not to care about special interests?”

While Steyer campaigned as a hard-left liberal, he failed to be the top pick for progressives. Steyer had the support of 35% of likely voters who identified as strongly liberal while Becerra was backed by 37%, according to Berkeley’s May poll.

After talking to college Democrats at UCLA on the eve of the primary, Steyer said regardless of what happens in the primary, he will remain politically involved, though he would not run for president in 2028.

“I’m going to keep working on these issues, because I’ve been working full-time on these issues for 14 years,” Steyer said. “There’s no question what I’m going to do. How I do it is a little bit up in the air.”

Times staff writer Dakota Smith contributed to this report.

June 6 (UPI) — Democrat Xavier Becerra is advancing to the November election in the California governor’s race, while Republican Steve Hilton and Democrat Tom Steyer battle for the second spot.

California’s primary is nonpartisan, so the top two finishers advance, regardless of party.

If elected, Becerra, 68, would be California’s first Latino governor since 1875. The state’s population is about 41% Latino.

“The people of the great state of California, in the greatest nation on Earth, have spoken — loudly and proudly,” Becerra said in a statement. “We will not be bought. We will not be bullied. And we are never backing down.”

Becerra was the U.S. Health and Human Services Secretary under President Joe Biden and is a former California attorney general.

No Republican has won statewide office since 2006. Hilton has also been endorsed by President Donald Trump, who is unpopular in the state. California Gov. Gavin Newsom can’t run for re-election because of term limits.

The vote count has taken several days because California has mail-in voting. It’s not unusual for California’s elections to take a long time to count. Trump-endorsed Hilton led early, but it’s likely that’s because Republicans voted early, while Democrats waited because they had many more contenders from which to choose, The New York Times reported.

Hilton, 56, is a British-born former Fox News host who once worked for Prime Minister David Cameron. Steyer, 68, is a New York-born billionaire philanthropist and climate activist who ran for president in 2020.

On Friday, the Department of Justice sent a federal prosecutor to observe ballot counting in Los Angeles after Trump claimed that the count was being rigged by Democrats.

The Los Angeles County registrar-recorder said in a statement Friday: “Our office was notified late yesterday that the U.S. attorney’s office would send an assistant U.S. attorney to the Ballot Processing Center to observe ballot processing activities.”

“The individual arrived this morning, was provided an overview of the public observation program and participated in a walkthrough of the ballot processing operations,” spokesperson Mike Sanchez said in an email to CNN.

Sanchez noted that ballot processing is open to the public.

California law gives election officials 30 days to complete the counting and certification process, California Secretary of State Shirley Weber said in a statement.

“Our commitment is immediate: in California, every ballot is counted properly and every ballot is accounted for,” Weber said.

1 of 2 | Former Secretary of the Department of Health and Human Services Xavier Becerra speaks during a Senate Finance Committee hearing on former President Joe Biden’s proposed budget request for the Department of Health and Human Services for fiscal year 2025 at the U.S. Capitol in Washington, D.C., on March 14, 2024. File Photo by Bonnie Cash/UPI | License Photo

June 4 (UPI) — Republican Steve Hilton and Democrat Xavier Becerra are leading a crowded field in California’s primary for governor on Thursday with millions of ballots left to count.

The two candidates that receive the most votes will advance to the November election, regardless of party. Democrat Tom Steyer has the third most votes so far.

Sixty-one candidates qualified to appear on the primary ballot to replace Gov. Gavin Newsom.

Polls closed on Tuesday night at 8 p.m. PDT. It is common for California to take days if not weeks to tally enough votes to declare a winner.

Despite millions of votes still being counted, President Donald Trump has alleged that Democrats have cheated in California’s primaries.

“There’s BIG cheating by the Dumocrats in California,” Trump posted on social media. “Votes are all tied up. May not be in for weeks. Under investigation by the U.S. Attorney’s Office in Los Angeles. Why the vote counting DELAY?”

Trump also declared Hilton the winner of the primary, even though not enough votes have been counted to make that determination.

“Congratulations to Steve Hilton on coming in first, last night, in the California Vote for Governor,” Trump wrote.

Hilton, a former Fox News host, is the top overall vote-getter as of Thursday morning.

Becerra is the former Biden administration U.S. human services and health secretary. Steyer, a billionaire, is a philanthropist and climate activist.

In a typical midterm year, Donna Layne casts her ballot long before election day.

But this time around was different for the 75-year-old Democrat. Late-cycle controversies and fear of a “wasted vote” leading to a lockout for Democrats in the race for California governor meant she didn’t make her final decision until Friday.

California Democrats have been wringing their hands for weeks about who would emerge as front-runners in the crowded race to replace termed-out Gov. Gavin Newsom. The sudden departure of high-profile candidate Eric Swalwell amid sexual assault allegations and California’s jungle primary system, which sends the top two vote-getters to the November general election regardless of their party affiliation, added pressure for Democrats to coalesce around candidates who had the best chance of advancing.

“I was concerned,” Layne said as she slid her ballot into a drop box. “I wanted to make my ballot count and I was afraid that there might be two Republicans because they had been polling pretty high, so I wanted to be strategic about it.”

On Friday morning, voters — predominately Democrats like Layne — trickled into the Orange County Registrar of Voters in Santa Ana to turn in their ballots. A few told The Times they frequently wait to vote until the days leading up to the election so they can watch all the debates and get the most up-to-date information about the candidates.

But most said they hung onto their ballots this year for far longer than usual.

As of Friday, 19% of California Republicans had already cast their ballot, compared with roughly 16% by the same time in the 2022 primary cycle, according to data from Political Data Inc.

Meanwhile, only 14% of the state’s far-more-numerous registered Democrats have returned their ballots, down from 17% at this point in 2022. Only 29% of Democrats age 65 years and older — generally enthusiastic voters — had returned their ballots, down from 33% in 2022, data show.

But that doesn’t mean that Democrats will stay on the sidelines. Data show Democrats have started returning their ballots in earnest over the past several days, a trend that’s likely to continue through election day, said Paul Mitchell, the vice president of Political Data Inc.

“It’s the predominance of this fear that they’ve heard in the media — and that’s largely abated — that a Democrat won’t make it to the runoff,” Mitchell said. “In fact, there’s a growing sense that we could have two Democrats make the runoff, so that fear has — for the political class — gone away, but voters are still clinging to it.”

Democrat Xavier Becerra, the former Health and Human Services secretary, has risen steadily in recent polls, positioning him well to potentially advance to November. He was the leading candidate in a poll released Thursday by UC Berkeley’s Institute of Governmental Studies that was co-sponsored by the Los Angeles Times, garnering support from 25% of likely California voters.

Slightly behind with support from 21% of likely state voters was Republican Steve Hilton, a former Fox News commentator whom President Trump has endorsed. In third place with 19% support was another Democrat: Tom Steyer, a hedge fund founder and environmental activist.

With support increasing for Becerra, Hilton and Steyer since the last Berkeley IGS/Times poll in March, the survey provided the clearest indication yet that those candidates have separated themselves from the rest of the field.

Support for Riverside County Sheriff Chad Bianco, the only other major Republican candidate in the race, dropped 5 percentage points from the March poll to last week’s, putting him in a distant fourth at 11%. Former Democratic Rep. Katie Porter saw her support drop by almost half to 7%. Other prominent Democrats — San José Mayor Matt Mahan, former Los Angeles Mayor Antonio Villaraigosa and state Supt. of Public Instruction Tony Thurmond — were all in the low single digits, the poll found.

Roughly a dozen registered Democrats interviewed by The Times said they cast their ballots last week for the person they thought would have the best chance of making it through the state’s jungle primary, even if it wasn’t their ideal candidate.

“I love Katie Porter,” said Connie Wadsley, 78. “I really do, but I just didn’t see her as being able to pull it off. I just don’t think society is ready for a woman governor as much as that pains me to say.”

In the end, Wadsley and her husband, Victor, cast their ballots for Steyer. Becerra, she said, is too much of a career politician for her liking, but Steyer impressed her with his promise not to take corporate money and his position on social justice issues.

“I think we need to shake things up in this state — in this nation,” she said. “Yeah, [Steyer] is a billionaire and I’m not really excited about that, but he truly seems to be spending his money on things that I feel are important.”

For some voters, the sheer volume of gubernatorial candidates — 61 in all — was off-putting. Some even organized gatherings with politically like-minded friends to discuss the best course of action.

“I think it was really overwhelming for a lot of people, especially when they got their ballot and saw all of those names,” said Linda Verraster, co-president of the Democratic Women of South Orange County. “There was this fear of making a mistake — air quotes — that would lead to two Republicans in the runoff.”

The race seems somewhat reminiscent of the 2003 recall election when 135 candidates vied to replace then-Gov. Gray Davis amid the state’s energy crisis. Actor Arnold Schwarzenegger, a Republican, won decisively with roughly 48% of the vote.

But this race differs in a few key ways, experts say.

Mainly, while all of the top candidates have impressive resumes, there’s a lack of star power that could help propel someone to the forefront. Instead, Democrats “have an option of like moderate Dem to slightly less-moderate Dem,” said Matt Lesenyie, an assistant professor of political science at Cal State Long Beach.

“There’s a lot of people, but they occupy a very similar lane and I think that’s been a lot of the problem,” he said. “They’re loathe to really critique some of the foundational problems like a real ideological opponent would.”

Verraster put it even more simply: “There’s no unicorn.”

Still, she’ll be happy if either of the two Democratic front-runners — or both — make the ballot.