Tom Steyer sinks historic $195 million into California campaign and sees marginal polling gains

Published May 27, 2026 12:16pm ET | Updated May 27, 2026 12:17pm ET



Billionaire Tom Steyer, a Democrat who’s running for governor of California, broke the record for the most money spent on a political campaign this year with an advertising buy worth at least $195 million.

However, the campaign spending isn’t entirely translating to poll performance. Steyer has recently made some gains, but he generally remains behind fellow Democrat Xavier Becerra and Republican candidate Steve Hilton ahead of next week’s gubernatorial primary.

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