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

2026 ElectionMore than $200 million later, Tom Steyer’s second bid for elected office is doneThe billionaire investor also spent more than $300 million of his own money on a failed bid for president in 2020.Listen to this article with a free account00:0000:00Democratic gubernatorial candidate Tom Steyer speaks during an election night watch party on June 2 in San Francisco.Minh Connors / Getty ImagesShareAdd NBC News to GoogleJune 9, 2026, 8:39 PM EDTBy Ben KamisarBillionaire 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. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content.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...