Tom Steyer Concedes California Gubernatorial Race

Tom Steyer announced on Tuesday that he would be stepping down from the California governor’s race. He acknowledged that the votes were not in his favor to proceed to the November election. He shared this decision in a letter posted online.

After California’s recent primary, the competition is now between two candidates. Former Fox News host Steve Hilton will face off against former Health and Human Services Secretary Xavier Becerra in the upcoming November gubernatorial election.

Steyer, a billionaire hedge fund founder and environmental activist, spent over a decade in state politics and environmental advocacy. He invested more than $200 million of his personal wealth into his gubernatorial campaign. Previously, he ran for the Democratic presidential nomination in 2020 but did not succeed.

During his campaign for governor, Steyer promoted a progressive agenda. His platform included abolishing ICE, imposing substantial taxes on the wealthy, and implementing universal healthcare. His campaign received support from Senator Bernie Sanders, known for his stance against billionaire involvement in politics.

Steyer expressed disappointment in his concession message. He pointed to the significant influence of corporate interests as a factor in the race’s outcome. He mentioned the $55 million spent opposing his campaign, highlighting contributions from corporations like Chevron, PG&E, and Meta.

“This campaign proved that business-as-usual depends on politics-as-usual, and there is no going back,” Steyer wrote. “We must continue to fight for a system where democracy serves Californians, not corporations – and where you do not have to be a billionaire to run on single-payer, or on breaking up monopolies, or on calling out a corrupt system when you see it.”

In California, the governor’s race operates under a “jungle primary” system. This structure places all candidates, regardless of party, on a single ballot. The top two candidates then proceed to the general election in November. This system allows for candidates from the same party to potentially compete in the final round.

Elaine Mallon writes for Fox News Digital and Fox Business, focusing on national politics.