More than $200 million later, Tom Steyer’s second bid for elected office is done

Billionaire climate activist Tom Steyer’s bid for governor of California is the second time he’s spent more than nine figures in an unsuccessful attempt to win public office.

NBC News projected Tuesday that former conservative commentator Steve Hilton advanced to the general election for governor, joining former Secretary of Health and Human Services Xavier Becerra. That meant Steyer is out, unable to push into the top two spots in the all-party primary.

Steyer spent more than $215 million of his own money on his campaign, according to the latest campaign finance reports published by the state. That money has helped Steyer flood the airwaves with a staggering $209 million in ad spending, according to ad-tracking firm AdImpact.

To put that spending in context, that’s about two-thirds of all ad-spending in the entire gubernatorial race, including dozens of candidates and outside groups. Becerra, the candidate who’s spent the second most on ads, spent $11.7 million, per AdImpact.

Six years ago, Steyer employed a similar strategy in his bid for president, giving his campaign more than $300 million — $318 million in contributions and another $24 million in loans, according to federal campaign finance disclosures.

Despite dropping out in late February after the four early contests, where he failed to gain traction, Steyer’s campaign spent more money than every candidate except three: the two eventual nominees — Joe Biden and Donald Trump — and another self-funding billionaire, Michael Bloomberg. The former New York City mayor entered the contest late and spent more than $1 billion in his own ill-fated attempt to win the Democratic presidential nomination.

Steyer has also spent significantly on other political causes over the years. Most recently, he spent $14 million on television ads supporting the successful ballot measure that allowed California Democrats to redraw the state’s congressional district lines.

Before that, he spent more than $27 million on his group, Need to Impeach, which advocated for Trump’s impeachment during his first term. And he seeded another group he founded, NextGen Climate Action Committee, with another $277 million between 2013 and 2020.

Source link