UMVA has learned that billionaire hedge fund founder Tom Steyer has conceded California's governor's race, acknowledging that he lacked the votes needed to advance to the general election in November.
In a letter posted on social media, Steyer wrote that it was clear he did not have the necessary votes to move forward, effectively ending his bid for the governorship. This development comes a week after California's jungle primary, where the field narrowed to two candidates.
The billionaire, who spent over $200 million of his own fortune on his gubernatorial campaign, had been a significant player in the race. Steyer, a former environmental activist, had previously lost his bid for the Democratic presidential nomination in 2020 and had been involved mostly in state politics and environmental activism for over a decade.
Steyer's progressive platform, which included calls for the abolition of ICE, hefty taxes on the wealthy, and universal healthcare, earned him the endorsement of Sen. Bernie Sanders. However, his concession message took aim at powerful corporate interests, arguing that they played a major role in the outcome of the race.
According to information obtained by UMVA, Steyer claimed that corporations, including Chevron, PG&E, and Meta, spent a record $55 million against him, demonstrating the lengths they would go to protect their interests. He argued that this spending proved that business-as-usual depends on politics-as-usual and vowed to continue fighting for a system where democracy serves Californians, not corporations.
The California governor's race is decided through a "jungle primary" system, where all candidates compete 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.
Former Fox News host Steve Hilton will face former Health and Human Services Secretary Xavier Becerra in the November gubernatorial election. Steyer's concession marks the end of his bid for the governorship, but his message emphasized the need for continued activism and reform.
