Billionare Tom Steyer ends California governor campaign after falling short in Jungle Primary

Tom Steyer conceded California’s governor’s race Tuesday, saying it was clear he lacked the votes needed to move on to November.

"It’s now clear that we do not have the votes necessary to advance to the general election in November," Steyer wrote in a letter posted on X.

A week after California's jungle primary, the field has narrowed to two candidates. Former Fox News host Steve Hilton will face former Health and Human Services Secretary Xavier Becerra in the November gubernatorial election.

The billionaire hedge fund founder-turned-environmental activist entered the race after spending more than a decade involved mostly in state politics and environmental activism. Steyer, who has spent more than $200 million of his own fortune on his gubernatorial campaign, previously lost his bid for the Democratic presidential nomination in 2020.

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During the gubernatorial campaign, he embraced a progressive platform, calling for the abolition of ICE, hefty taxes on the wealthy and universal healthcare. He earned the endorsement of Sen. Bernie Sanders, I-Vt., who has previously railed against billionaires being involved in politics.

Steyer argued that powerful corporate interests played a major role in the outcome of the race in his concession message.

"By spending $55 million – the most ever against a single candidate in a California primary – they showed the lengths they would go to in order to protect a status quo that only serves them and their profits," he wrote, referring to opposition spending by corporations including Chevron, PG&E and Meta.

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"This campaign proved that business-as-usual depends on politics-as-usual, and there is no going back," Steyer wrote. "We must continue to fight for a system where democracy serves Californians, not corporations – and where you do not have to be a billionaire to run on single-payer, or on breaking up monopolies, or on calling out a corrupt system when you see it."

California's governor's race is decided through a "jungle primary" system that pits all candidates against one another on the same ballot, regardless of party. The top two finishers advance to November's general election, meaning candidates from the same party can ultimately face off in the final contest.

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