Tom Steyer Concedes in California Governor’s Race

Tom Steyer, a billionaire hedge fund founder turned environmental activist, has conceded in California’s governor’s race. He announced his withdrawal on Tuesday, acknowledging that he did not have the necessary votes to advance.

Steyer stated, “It’s now clear that we do not have the votes necessary to advance to the general election in November,” in a letter posted on X. The primary election, also known as the “jungle primary,” narrowed the field to two candidates. Former Fox News host Steve Hilton will face former Health and Human Services Secretary Xavier Becerra in the general election.

Having spent over a decade in state politics and environmental activism, Steyer entered the gubernatorial race with substantial financial contributions from his own wealth. He spent more than $200 million on his campaign. Previously, he lost his bid for the Democratic presidential nomination in 2020.

During the campaign, Steyer advocated a progressive platform. His proposals included abolishing ICE, imposing higher taxes on the wealthy, and pursuing universal healthcare. He received the endorsement of Sen. Bernie Sanders, known for criticizing billionaire involvement in politics.

In his concession, Steyer attributed his loss to powerful corporate interests. “By spending $55 million – the most ever against a single candidate in a California primary – they showed the lengths they would go to protect a status quo that only serves them and their profits,” he wrote. This opposition came from companies like Chevron, PG&E, and Meta.

The gubernatorial campaign was a mix of progressive ideals and significant opposition spending. Steyer emphasized the need for democracy to better serve Californians, arguing it should not favor corporations or only the wealthy.

California employs a “jungle primary” system where all candidates, regardless of party, appear on the same ballot. The top two candidates advance to November’s general election. This allows candidates from the same party to compete against each other in the final round.