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Tom Steyer conceded the race for governor of California on Tuesday, saying that it is clear that he does not have the necessary votes to advance to November.
“It is now clear that we do not have the necessary votes to advance to the general election in November,” Steyer wrote in a letter to X.
A week after the California jungle course, the field was narrowed to two. Former Fox News anchor Steve Hilton will face former Health and Human Services Secretary Xavier Becerra in the November gubernatorial election.
The billionaire hedge fund founder turned environmental activist entered the race after spending more than a decade heavily involved in state politics and environmental activism. Steyer, who has spent more than $200 million of his fortune on his gubernatorial campaign, previously lost his bid for the 2020 Democratic presidential nomination.
Democratic candidate Tom Steyer attends a debate in the California gubernatorial race, hosted by the San Francisco Examiner and CBS, in San Francisco, California, on May 14, 2026. (Carlos Barria/REUTERS)
FORMER HHS SECRETARY XAVIER BECERRA ADVANCES IN CALIFORNIA GENERAL ELECTION, AP PROJECTS
During the gubernatorial campaign, he embraced a progressive platform, calling for an end to ICE, higher taxes on the wealthy and universal health care. He received the approval of Sen. Bernie Sanders, Vt., has been critical of billionaires getting involved in politics.
Steyer said powerful business interests played a big role in the race’s outcome in his endorsement message.
“By spending $55 million — the most ever matched by a single person in a California elementary school — they have shown the lengths they will go to to protect a status quo that only benefits them and their profits,” he wrote, referring to opposition spending by companies including Chevron, PG&E and Meta.
Steve Hilton, California’s Republican gubernatorial nominee, speaks during an affordable town hall at the Hotel Zessa in Santa Ana on March 18, 2026. (Leonard Ortiz/MediaNews Group/Orange County Register via Getty Images)
HILTON BACKED BY TRUMP IMPROVES CALIFORNIA GOVERNOR SHOWS WITH BIDEN’S NON-BIDEN CABINET SECRETARY BECERRA
“This campaign has proven that business as usual is politics as usual, and there is no going back,” Steyer wrote. “We must continue to fight for a system where democracy works for Californians, not corporations — and where you don’t have to be a millionaire to run a monopoly, or break up monopolies, or call out a corrupt system when you see one.”
Democratic candidates Antonio Villaraigosa, Katie Porter, Tom Steyer and Xavier Becerra and Republican candidates Steve Hilton and Chad Bianco participate in a California gubernatorial debate at the East Los Angeles College Auditorium in Monterey Park, Calif., on May 5, 2026, ahead of the June 2 primary election. (Frederic J. Brown / AFP via Getty Images)
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California’s gubernatorial race is decided by a “jungle primary” system that pits all candidates against each other on the same ballot, regardless of party affiliation. The top two finishers advance to November’s general election, meaning candidates from the same party could eventually face off in the final contest.
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