Billionaire Tom Steyer's $192.4-million self-funded California gubernatorial bid shatters records

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Billionaire Tom Steyer, a leading Democratic candidate for California governor, as of Monday has donated a record-shattering $192.4 million of his personal wealth to his campaign in the lead-up to the June 2 primary.The cash infusion dwarfs the money raised by all his Democratic and Republican challengers combined, and has fueled a torrent of political ads and a campaign infrastructure that’s kept him near the top of the opinion polls.But Californians have dismissed rich candidates in the past, especially those who use their own fortunes to appeal to a largely middle- and working-class electorate struggling with day-to-day expenses in the notoriously costly state.

Steyer hopes to avoid the fate of former EBay CEO Meg Whitman, former Hewlett-Packard chief Carly Fiorina, banking and oil heir Michael Huffington and former Northwest Airlines co-chairman Al Checchi, none of whom were able to turn their riches into successful gubernatorial or senate campaigns in California over the last three decades.Darry Sragow, a veteran Democratic strategist who managed Checchi’s unsuccessful 1998 bid for governor that set a self-funding record, said voters have long been skeptical of the motivation of rich people who run for office.“Their basic reaction is, this person is incredibly successful, has made obscene amounts of money, could do anything they want to do in the world.

Why would they want to run for office? Why would they want to represent me? What’s in it for them?” Sragow said.“And voters just go, ‘You’re just doing this for sport.’ … because they’re bored and they have big egos and they want something to do.

That is the fundamental challenge for a self-funding candidate.”Sragow said Steyer could benefit from his sustained involvement and financial support of climate change policy and other Democratic priorities, in addition to his immense spending in a race tha...