Story perspectives

Steyer Spends $195M, Becerra Surges After Swalwell Exit

6/3/2026

Summary

Story summary

Tom Steyer has spent over $195 million of his own money on ads for the California governor’s race, calling himself a populist “class traitor” and promising higher corporate taxes and a ban on corporate contributions to state PACs.
The primary with 61 candidates split the Democratic vote, letting Republicans Chad Bianco and Steve Hilton briefly lead.
Eric Swalwell withdrew after sexual-misconduct allegations, clearing the way for Xavier Becerra to attract supporters.

History

Historical Context

After the Supreme Court’s Jan 21 2010 Citizens United ruling and the later SpeechNow decision lifted limits on corporate independent spending, federal independent expenditures surged from $140 million in 2008 to over $1 billion by 2012. The FEC recorded $165 million in corporate independent ads that cycle, and billionaire Tom Steyer has pledged more than $195 million to ban such contributions in California’s 2024 governor race.

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Story summary

Tom Steyer has spent over $195 million of his own money on ads for the California governor’s race, calling himself a populist “class traitor” and promising higher corporate taxes and a ban on corporate contributions to state PACs.
The primary with 61 candidates split the Democratic vote, letting Republicans Chad Bianco and Steve Hilton briefly lead.
Eric Swalwell withdrew after sexual-misconduct allegations, clearing the way for Xavier Becerra to attract supporters.

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