Tom Steyer Leads 2026 California Governor Race After Swalwell Exit

Billionaire climate activist Tom Steyer has emerged as a leading contender in California's 2026 gubernatorial race following the abrupt withdrawal of former U.S. Rep. Eric Swalwell amid allegations of sexual misconduct and assault, which Swalwell has denied. The development, announced last week, has reshaped the crowded Democratic field less than two months before the June 2 top-two primary, positioning Steyer to potentially secure one of the two spots advancing to the November general election.

Steyer, a former hedge fund manager with an estimated net worth of $2 billion, has invested more than $112 million of his personal funds into the campaign, including a $120 million advertising push that has made his presence dominant in the state's media markets. This spending surpasses that of any other U.S. campaign this cycle and has propelled him from low single-digit support to the upper tier of candidates. Recent polls reflect his gains: a SurveyUSA survey placed him at 21 percent among likely voters, ahead of Republican Steve Hilton at 18 percent, while prediction markets on platforms like Polymarket and Kalshi give him a 55 to 59 percent chance of winning the primary, with...