Billionaire Democrat Tom Steyer’s massive financial investments in political campaigns have yet to yield electoral success, with his bid for California governor appearing set to end in a third-place finish.
| PULSE POINTS |
❓ WHAT HAPPENED: In the California governor’s primary, Xavier Becerra (D) and Republican Steve Hilton (R) are leading the field as of late Wednesday, with Tom Steyer (D) trailing in third place despite massive spending on his campaign. Steyer spent $213 million of his own money on the campaign, but it appears unlikely that he will overtake his competitors, continuing a long streak of expensive and unsuccessful political bids. 📰 DETAIL: Steyer eclipsed the 2010 record set by Meg Whitman, the former eBay executive and future Joe Biden ambassador, who spent $178.5 million in total on a losing bid for California governor, much of it her own money. His spending accounted for roughly two-thirds of all ad spending in this year’s contest, dwarfing the $11 million spent by Democrat rival Xavier Becerra. 🔁 FLASHBACK: This is not Steyer’s first unsuccessful campaign. In 2020, Steyer ended his presidential campaign following a disappointing third-place finish in South Carolina—a state he had invested in heavily and early to court black voters. His presidential bid produced zero delegates. Before dropping out, Steyer and fellow self-funding billionaire Mike Bloomberg had spent a combined $783.9 million on advertising alone. 💬 KEY QUOTE: “It might take some time to figure out where this is going. We’re going to wait until every ballot is counted,” Steyer said on primary night, in hopes that mail-in ballots and so on could change his fortunes as California’s notoriously inept vote-counting process continues. 🎯 IMPACT: Steyer’s continued failure to secure elected office despite massive financial investments challenges the notion that money alone can secure political success. |
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