Tom Steyer has acknowledged defeat in the California governor’s race, stating that he did not secure enough votes to progress to the November election. In a statement on Tuesday, he expressed his realization after the state’s jungle primary narrowed the field to two candidates: former Fox News host Steve Hilton and former Health and Human Services Secretary Xavier Becerra.
Steyer, a billionaire hedge fund founder who transitioned into environmental activism, entered the race following a lengthy involvement in state politics and environmental causes. He invested over $200 million from his personal fortune in his campaign. Previously, Steyer had also run for the Democratic presidential nomination in 2020.
During his gubernatorial run, Steyer promoted a progressive agenda, advocating for the dismantling of ICE, higher taxes on the wealthy, and universal healthcare. He received an endorsement from Senator Bernie Sanders, known for his critiques of billionaire influence in politics.
“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,” Steyer wrote, highlighting opposition funding from corporations such as Chevron, PG&E, and Meta.
Steyer’s concession emphasized the dominance of corporate interests in politics, noting that significant corporate spending was directed against his candidacy. He expressed a call to action for political reform, seeking a system that serves the public rather than corporate entities. He also advocated for the possibility of running on issues like single-payer healthcare and the dismantling of monopolies without requiring significant personal wealth.
The jungle primary system in California consolidates all candidates onto a single ballot. The top two finishers, irrespective of their party affiliation, advance to the general election. Consequently, it allows for candidates from the same party to potentially compete against each other in the final election phase.