Billionaire Tom Steyer spent more than $200 million of his own fortune on his campaign for California governor but did not qualify for the November runoff election, conceding defeat on June 9, 2026 [1, 2].
Steyer received about 22.6% of the vote in the jungle primary, trailing Democrat Xavier Becerra with 27.9% and Republican Steve Hilton at 25% [1]. Becerra and Hilton will face off in the November general election to replace term-limited Gov. Gavin Newsom [1, 2].
Steyer’s platform included progressive policies such as abolishing Immigration and Customs Enforcement (ICE), raising taxes on the wealthy, and implementing universal healthcare [2]. Despite his high spending, he faced heavy opposition funding from corporate interests, which spent $55 million targeting him in the primary—an amount Steyer described as the highest ever spent against a single candidate in a California primary [2]. “By spending $55 million... they showed the lengths they would go to in order to protect a status quo that only serves them and their profits,” Steyer said [2].
Steyer, estimated to be worth $2.4 billion, has a history of political activity including a failed 2020 Democratic presidential bid where he spent $340 million of his own money [1]. His source of wealth and past investments through Farallon Capital in industries like coal and private prisons drew criticism during the campaign [1].
“Its now clear that we do not have the votes necessary to advance to the general election in November,” Steyer said when conceding on June 9 [2]. He added that the campaign demonstrated how “business-as-usual depends on politics-as-usual,” and vowed to keep fighting “for a system where democracy serves Californians, not corporations,” including on issues like single-payer healthcare and breaking up monopolies [2].
The general election between Becerra and Hilton is scheduled for November 2026 [1, 2].
