Tech Billionaires Spent $100 Million on California Elections—Here's What Happened

California held its primary election on June 2, 2026. Secretary of State Shirley N. Weber announced the official close of voting. Vote-by-mail ballots are being accepted through June 9, and final results will be certified on July 10. The race gave a clear lesson: having mountains of money doesn't always get you what you want.

The biggest surprise was in the race for governor. San Jose Mayor Matt Mahan had roughly $50 million in donations, mostly from tech industry leaders and billionaires like Google co-founder Sergey Brin. He got 4% of the vote and finished in sixth place—a stunning loss despite backing from executives at Amazon, Google, LinkedIn, DoorDash, and Palantir.

The race itself went as expected otherwise, with former Health Secretary Xavier Becerra leading, followed by Republican Steve Hilton and Democrat Tom Steyer. Mahan's collapse showed that even vast sums of money can't make up for a candidate voters just don't want.

Where Big Tech Money Actually Won

Though Silicon Valley lost the governor's race, it won many smaller races through a different strategy. Two groups called Grow California and California Leads spent $20 million on state legislature and senate races, picking specific candidates and targeting specific districts.

The approach worked. Scott Weiner advanced as the tech industry's preferred choice to replace Nancy Pelosi in the U.S. Senate. Ben Allen, the tech industry's pick for state insurance commissioner, also appears likely to advance. In fact, almost every candidate backed by these Super PACs—special groups that can raise unlimited money for political campaigns—moved forward to the general election in November.

One example: Democrat Mark Pulido received about $2.25 million from these groups and won enough votes to move on to a runoff. The same pattern played out across six races where the Super PACs spent millions supporting some candidates and opposing others.

The Real Fight: A Tax on Billionaires

What's driving all this spending? California will vote in November on a new tax—5% on the state's roughly 200 billionaires. That's a one-time tax on their wealth, not their income.

The wealthy are fighting back hard. Sergey Brin alone has spent $66 million since January to defeat this tax. Google and Meta also combined to spend $10 million through a Super PAC that backed legislature candidates they believed would oppose it.

This battle has shifted politics in unexpected ways. U.S. Representative Ro Khanna, who supports the wealth tax, faces a challenge from tech entrepreneur Ethan Agarwal. The race tests whether billionaires can unseat politicians who back wealth redistribution measures.

California has seen this playbook before. In the 2010s, tech money successfully blocked rent control and housing rules. This time, though, the strategy is more refined—focusing on individual candidates instead of broader ballot measures.

Cryptocurrency's Growing Political Muscle

Another force in California politics: cryptocurrency wealth. Chris Larsen, who co-founded the company Ripple Labs and is worth $12 billion, spent millions backing more than a dozen primary campaigns. Tim Draper did the same. Both were funding candidates who might be friendly to their industry as federal and state rules for digital assets remain uncertain.

This matters because California's approach to cryptocurrency regulation, taxes, and enforcement could shift depending on whether these candidates win in November. The crypto industry has never had this much influence in state politics.

What Happens Next

Counties have 30 days from Election Day to count provisional ballots and late-arriving mail ballots. Some close races may not be decided until late June. Final results come July 10.

What the primary tells us: tech and crypto money works best in races that don't get much public attention. When voters see a major race for governor, that money matters less. Billionaires, it turns out, can't simply buy elections—but they can shape the ones people aren't watching as closely.

November will show whether Silicon Valley doubles down on this strategy. Given the mixed results in June and the pending vote on the billionaire tax, it probably will.