San Jose Mayor Matt Mahan has turn into the clear financial frontrunner in the race for California governor, attracting an unprecedented influx of cash from the state’s wealthiest individuals, including a significant number of tech billionaires. As of midweek, Mahan has secured at least $8.6 million from 25 billionaires, according to an analysis published by the San Francisco Chronicle.
The surge in donations to Mahan’s campaign represents a substantial advantage as he competes in the crowded June 2 primary election against seven other Democratic contenders. While state campaign finance rules limit individual donations to $39,200 per election – a total of $78,400 across the primary and general elections – the sheer volume of billionaire support is poised to significantly boost his visibility.
Among the high-profile donors backing Mahan are Bay Area real estate magnate John Sobrato and venture capitalist Michael Moritz. Google co-founder Sergey Brin, Palantir co-founder Joe Lonsdale, and YCombinator CEO Garry Tan have also contributed the maximum allowable amount. David Baszucki, CEO of Roblox, and his wife Jan, together donated $156,800 to Mahan’s campaign. Rick Caruso, a businessman and former Los Angeles mayoral candidate, also contributed $78,400.
The financial backing for Mahan is linked to his opposition to a proposed “Billionaire Tax Act” in California. The union-backed proposal aims to fund education, food assistance, and healthcare programs, but has faced strong opposition from the state’s wealthiest residents. Google’s former CEO Eric Schmidt has contributed $1.04 million to an independent committee campaigning against the tax.
Brin’s support isn’t limited to Mahan; he also donated $39,200 to Republican candidate Steve Hilton, a former Fox News contributor. Hilton, who is married to Google’s former head of communications Rachel Whetstone, ranks second in billionaire support, with seven billionaire donors contributing to his campaign.
Mahan’s campaign manager, Adrian Rafizadeh, stated that the mayor has “united Californians against special interests.” Political sociologist Mindy Romero, founder of the Center for Inclusive Democracy, noted the substantial fundraising for a late-entry candidate, suggesting Mahan is “a candidate that can no longer be ignored.” Romero added that if Mahan maintains this fundraising pace, he could potentially surpass other candidates in a short period.
Recent campaign finance reports indicate Mahan has raised over $2 million, though he has claimed to have raised a total of $7 million. The influx of funds comes as Silicon Valley’s involvement in California politics intensifies, with tech billionaires increasingly utilizing their financial resources to influence key policy debates.
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