LOS ANGELES (AP) — In California's competitive gubernatorial race, billionaire Tom Steyer is making headlines with an extraordinary advertising blitz.
The hedge fund manager and liberal activist has committed an astonishing $115 million towards campaign ads, saturating platforms from TV to mobile, while some opponents criticize him for using his wealth to buy the governorship.
Steyer’s advertisements are ubiquitous, especially in Democratic strongholds like Los Angeles, where he emphasizes plans to reduce household expenses and critiques federal immigration policies. His spending is nearly thirty times that of his nearest rival within the Democratic primary.
If Steyer advances beyond the June 2 primary, he may surpass the all-time record for campaign spending set by Republican Meg Whitman in 2010.
His opponents, including former U.S. Representative Katie Porter, have commented, “Billionaire money is flooding our state in an attempt to buy this election,” echoing concerns about the implications of such financial clout in a democratic contest.
Despite this financial dominance, Steyer faces challenges in polling, struggling to differentiate himself in a crowded field that includes multiple Democrats and two Republicans. Veteran political strategists express skepticism, suggesting that significant ad spending has not translated into equal polling success.
Steyer, who has never held elected office, faces scrutiny akin to past billionaire candidates whose investments did not yield expected electoral outcomes. Notably, Rick Caruso and Michael Bloomberg both faced similar issues despite spending large sums on their respective campaigns.
As the political landscape evolved with Swalwell’s withdrawal following sexual assault allegations, the dynamics of the race continue to shift. In his ads, Steyer advocates for abolishing ICE and addressing the state’s housing crisis, claiming affordability as a critical issue.
The upcoming months will be pivotal as mail-in ballots begin distribution, and the governor's race unfolds with unforeseen twists following Swalwell's unprecedented exit.
