Nearly a half-billion dollars, two campaigns and one Eric Swalwell implosion later, Tom Steyer suddenly appears closer than ever to winning elected office.
Sacramento elected officials and strategists initially rolled their eyes when the billionaire climate activist began ramping up for his run for California governor, recalling how he plowed some $340 million into a failed 2020 presidential bid that resembled a high-priced vanity project. But Steyer vaulted himself into the top tier of the wide-open race with a $120 million advertising blitz and a concerted courtship of the state’s progressive powers.
He is spending more on advertising than any other campaign in America so far this cycle, including Democrats’ all-in gerrymandering push in California. Weeks before the June primary, he has already nearly quadrupled the roughly $33 million spent by Gavin Newsom’s 2018 run for governor.
And with Swalwell’s exit in the face of sexual misconduct and assault allegations, Steyer — more than any other contender here — is picking up the pieces. On Tuesday, the heavy-hitting California Teachers Association, which had endorsed Swalwell, threw its support behind him. Even President Donald Trump has taken notice — likely to Steyer’s benefit.
