Full Breakdown
Billionaire Spending Shapes California’s Record-Breaking Gubernatorial Primary
5/29/2026, 12:28:56 AM
Record-Breaking Primary Spending
The June 2 primary has become the costliest in California history. Independent-expenditure committees have reported $79 million in outside spending, while candidate Tom Steyer has contributed $212.6 million of personal funds. Combined, more than $120 million has been directed at or against Steyer, surpassing the $178.5 million record set in 2010.
Context: Open Primary and Unlimited Expenditures
California’s top-two primary places all candidates on a single ballot, and independent-expenditure committees may accept unlimited donations. This framework has attracted contributions from corporations, labor unions, tech investors, and tribal groups seeking to influence which two candidates advance to the November runoff.
Money Flows: Donors, Candidates, and Committees
Key financial flows include: $32 million from the California Chamber of Commerce, Realtors Association, and PG&E to anti-Steyer ads; $13 million from Chevron, DaVita, and California Resources Corp. to pro-Becerra groups; $21.7 million supporting San Jose Mayor Matt Mahan; and $33.1 million financing the “California Is Not For Sale” effort against Steyer. The California Nurses Association contributed $1.4 million to Steyer-aligned ads. Over 20,000 donors have contributed to Republican Steve Hilton, while more than 500 former Eric Swalwell donors shifted to Becerra after Swalwell’s withdrawal.
Why It Matters
The spending battle centers on policy disputes over utility regulation, commercial-property taxation, housing affordability, and artificial-intelligence training. Candidates’ positions on breaking up electric-utility monopolies and imposing a wealth tax on commercial property could reshape California’s fiscal landscape and affect national climate-policy debates.
Official Statements & Responses
Steyer’s campaign frames his self-financing as a “populist” effort to represent working people against corporate interests. Becerra’s team emphasizes his record as state attorney general, noting lawsuits against oil companies and a commitment to “competence and stability.” PG&E’s spokesperson characterized Steyer’s campaign as an attempt to “buy the Governor’s office.” Labor unions argue that their contributions reflect confidence in Steyer’s proposals for utility reform.
Criticism & Opposition
Critics argue that Steyer’s spending eclipses substantive policy discussion, with Matt Mahan stating that the “avalanche of money” has “dominated the airwaves.” Bernie Sanders warned that “billionaires trying to buy political power” undermines democratic norms. Opponents also highlight the paradox of Becerra receiving a $500,000 contribution from Chevron-aligned groups while portraying himself as a regulator of Big Oil.
Conflicting Reports & Gaps
Sources differ on the total amount spent by independent committees opposing Steyer, citing figures of $32 million, $33.1 million, and $74 million across various reports. Precise allocations of tech-sector donations to Mahan’s campaign remain unclear, as does the full impact of refunded contributions such as the $1 million returned by Reed Hastings.
Verbatim Quotes
- “My whole campaign is about representing working people against the corporate special interests,” — Tom Steyer, gubernatorial candidate (source 4)
- “I’m a bit tired of seeing billionaires trying to buy political power,” — Bernie Sanders, former senator (source 7)
- “I think the coalition is built off of people who really want to make a difference, who are tired of just seeing the cost of living grow,” — Xavier Becerra, gubernatorial candidate (source 19)
- “Tom Steyer has spent over $200 million trying to buy the Governor’s office,” — PG&E spokesperson (source 16)
- “Steyer’s avalanche of money has absolutely dominated the airwaves and made it harder to have a substantive debate,” — Matt Mahan, San Jose mayor (source 5)
- “It shows voters that this corporation that they don’t love, if their enemy has an enemy in Tom Steyer, then maybe that’s their friend,” — Thad Kousser, political-science professor (source 43)
What’s Next
The primary on June 2 will determine the two candidates advancing to the November general election. Polls from the Public Policy Institute of California list Becerra, Hilton, and Steyer as the leading contenders, with the final outcome contingent on voter turnout and the continued flow of independent-expenditure funding.
