Billionaire Tom Steyer's $192.4-million self-funded California gubernatorial bid shatters records

Tom Steyer, a leading Democratic candidate for California governor, donated $192.4 million of his personal wealth ahead of the June 2 primary. The infusion far exceeds what his challengers raised combined, enabling heavy advertising and campaign infrastructure that keeps him near the top of opinion polls. Californians have previously rejected wealthy candidates who relied on personal fortunes to appeal to a middle- and working-class electorate facing high costs. Several self-funding candidates failed to win statewide races in recent decades. A Democratic strategist noted voters often question why successful wealthy people would seek office and whether they are motivated by ego or boredom rather than public service. He suggested Steyer’s long-term involvement in climate and other Democratic priorities could help address that skepticism.

"Billionaire Tom Steyer, a leading Democratic candidate for California governor, as of Monday has donated a record-shattering $192.4 million of his personal wealth to his campaign in the lead-up to the June 2 primary. The cash infusion dwarfs the money raised by all his Democratic and Republican challengers combined, and has fueled a torrent of political ads and a campaign infrastructure that's kept him near the top of the opinion polls."

"But Californians have dismissed rich candidates in the past, especially those who use their own fortunes to appeal to a largely middle- and working-class electorate struggling with day-to-day expenses in the notoriously costly state. Steyer hopes to avoid the fate of former EBay CEO Meg Whitman, former Hewlett-Packard chief Carly Fiorina, banking and oil heir Michael Huffington and former Northwest Airlines co-chairman Al Checchi, none of whom were able to turn their riches into successful gubernatorial or senate campaigns in California over the last three decades."

"Their basic reaction is, this person is incredibly successful, has made obscene amounts of money, could do anything they want to do in the world. Why would they want to run for office? Why would they want to represent me? What's in it for them? And voters just go, 'You're just doing this for sport.' ... because they're bored and they have big egos and they want something to do. That is the fundamental challenge for a self-funding candidate."

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