Billionaire Tom Steyer's ad spending breaks records in California governor's race

Tom Steyer, a billionaire Democrat and former hedge fund manager turned liberal activist, is spending or booking more than $195 million on political ads for broadcast TV, cable, and radio while his total continues to grow. His advertising volume has drawn criticism that he is trying to buy the governor’s chair. His ad spending is more than 20 times the amount spent by his nearest rival, fellow Democrat Xavier Becerra, as both compete for a spot in the November election. In Georgia, Rick Jackson has spent about $83 million in his governor primary, with Burt Jones spending nearly $31 million. Katie Porter has criticized Steyer for using personal wealth to keep ads in front of voters.

"Steyer - a former hedge fund manager turned liberal activist - has spent or booked more than $195 million in ads for broadcast TV, cable and radio with the tally still growing, according to data compiled by advertising tracker AdImpact. His torrent of ads has opened the one-time presidential candidate to criticism that he is trying to buy the governor's chair, and his ad total represents more than 20 times the amount spent by his nearest rival, fellow Democrat Xavier Becerra, as the two duel for a spot in the November election."

"In Georgia, Republican health care executive Rick Jackson has spent about $83 million on advertising in his primary race for governor, which is headed for a June runoff, ranking him second. The third-place spot is held by his Republican rival, Lt. Gov. Burt Jones, who has President Donald Trump's endorsement and has spent nearly $31 million on ads, according to AdImpact. Following Jones was Democratic U.S. Rep. Raja Krishnamoorthi of Illinois, who spent over $28 million on advertising in a failed bid for U.S. Senate."

"Katie Porter, a former U.S. House member who is among seven established Democrats in the California race, has repeatedly criticized Steyer for dipping into his personal fortune to keep ads in front of voters with scant competition from rivals. "She isn't spending hundreds of millions of dollars of personal wealth trying to buy the governor's office," her campaign wrote in an email to supporters."

Read at ABC30 Fresno