Billionaire Democrat Tom Steyer is set to leave an indelible mark on California’s gubernatorial race, not least for orchestrating the most expensive political advertising campaign seen across the US this year.
The former hedge fund manager, now a prominent liberal activist, has already committed over $195 million to broadcast TV, cable, and radio advertisements, a figure that continues to climb, according to data compiled by advertising tracker AdImpact.
This torrent of spending has drawn criticism that Steyer, a one-time presidential candidate, is attempting to ‘buy’ the governor’s office. His ad expenditure dwarfs that of his closest rival, fellow Democrat Xavier Becerra, by more than 20 times, as they vie for a spot in the November election.
Nationally, Steyer’s spending is unparalleled. In Georgia, Republican healthcare executive Rick Jackson ranks second, having spent approximately $31 million on advertising.
Following Jackson is Democratic US Representative Raja Krishnamoorthi of Illinois, who spent over $28 million on advertising in an unsuccessful bid for the US Senate.
Katie Porter, a former US House member and one of seven established Democrats in the California contest, has repeatedly lambasted Steyer for leveraging his personal fortune to saturate the airwaves with ads, facing minimal competition from other candidates.
“She isn’t spending hundreds of millions of dollars of personal wealth trying to buy the governor’s office,” her campaign stated in an email to supporters.
Steyer’s advertising blitz has surpassed the 2010 record set by Republican Meg Whitman, who spent $178.5 million in her losing gubernatorial campaign, much of it her own money. At the time, it was the costliest statewide office campaign in US history.
When adjusted for inflation, Whitman’s spending still holds the state record, though her figure represented expenditure for the entire election, not just the primary.
Despite this record-level output, Steyer’s financial might has propelled him into contention within the crowded field but has not allowed him to break away.
He remains part of a leading group of several candidates – including Becerra and Republican Steve Hilton – as the campaign approaches its 2 June primary, with mail voting having commenced earlier this month.
Steyer’s significant cash advantage provides him with a crucial publicity edge in the final days of the contest. He has maintained a steady stream of advertising and online posts questioning Becerra’s credentials and record. Becerra, a former state attorney general and Biden administration health secretary, lacks the funds to respond in kind.
One Becerra advertisement aimed to connect with voters fatigued by the constant barrage of Steyer’s ads.
It featured tranquil scenes of Joshua trees, ocean waves, and soaring redwoods, accompanied by a gentle prompt: “You can stop the endless Tom Steyer ads. Vote Xavier Becerra.”
