Billionaire Tom Steyer Doesn't Make California Governor Runoff After $200 Million Campaign

BreakingBusinessBillionaire Tom Steyer Doesn't Make California Governor Runoff After $200 Million CampaignBySara Dorn,Forbes Staff. Sara Dorn is a Forbes news reporter who covers politics.Follow AuthorJun 09, 2026, 08:13pm EDTToplineBillionaire Tom Steyer failed to qualify for California’s gubernatorial runoff, after spending more than $200 million of his own fortune on the race.Steyer received over 22% of the vote in California when the gubernatorial race was called.Photo by Mario Tama/Getty ImagesKey FactsSteyer held 22.6% of votes when the Associated Press called the race Tuesday evening, nearly a week after polls closed. Democrat Xavier Becerra (27.9%) and Republican Steve Hilton (25%) will advance to the November general election to replace term-limited Gov. Gavin Newsom. Steyer, Becerra and Hilton were widely expected to be the three top vote-getters, with a recent Emerson College poll showing Becerra with 28% of support, followed by Steyer and Hilton tied at 23%.Steyer is a billionaire hedge fund founder-turned-liberal activist, Becerra is the former Health and Human Services secretary under former President Joe Biden and Hilton is a British American Fox News contributor endorsed by President Donald Trump.California runs an open primary, meaning the top two candidates advance regardless of party. Other prominent candidates in the crowded race included Riverside County Sheriff Chad Bianco, a Republican, and former Democratic Rep. Katie Porter. if (!window.cnxel) { window.cnxel = {}; window.cnxel.cmd = []; var iframe = document.createElement('iframe'); iframe.style.display = 'none'; iframe.onload = function() { var iframeDoc = iframe.contentWindow.document; var script = iframeDoc.createElement('script'); script.src = '//cd.elements.video/player.js?cid=62cec241-7d09-4462-afc2-f72f8d8ef40a'; script.setAttribute('defer', '1'); script.setAttribute('type', 'text/javascript'); iframeDoc.body.appendChild(script); }; document.head.appendChild(iframe); const preloa...