Billionaire Democrat Tom Steyer has shattered records for political advertising spending in his bid to become California's next governor, with expenditures exceeding $195 million on broadcast television, cable and radio ads according to data from advertising tracker AdImpact.

Steyer's advertising total represents more than 20 times the amount spent by his nearest rival, fellow Democrat Xavier Becerra, as the two compete for a spot in the November general election. The former hedge fund manager turned liberal activist has surpassed the previous California record set by Republican Meg Whitman, who spent $178.5 million in total during her unsuccessful 2010 gubernatorial campaign.

Nationally, no candidate approaches Steyer's spending levels. The second-highest spender this year is Georgia Republican Rick Jackson, who has invested approximately $83 million in advertising for his gubernatorial primary race, which is headed to a June runoff.

Despite his massive financial advantage, Steyer has not separated himself from a crowded field that includes several leading candidates such as Becerra and Republican Steve Hilton. The race heads toward a June 2 primary using California's "top two" system, where all candidates appear on one ballot regardless of party, with only the top two vote-getters advancing to November.

Steyer's opponents have criticized his heavy spending as an attempt to purchase the governorship. Former U.S. House member Katie Porter's campaign specifically cited his use of personal wealth, while Becerra released an advertisement referencing "endless Tom Steyer ads" and urging voters to "stop" them by supporting his candidacy.

Historical precedent suggests that massive spending does not guarantee electoral success. Recent examples include Los Angeles mayoral candidate Rick Caruso, who spent over $100 million in 2022 but lost decisively to Karen Bass, and former New York Mayor Michael Bloomberg, who spent more than $1 billion on his 2020 presidential campaign before withdrawing early. Steyer himself previously spent heavily during his unsuccessful 2020 presidential bid before dropping out after poor performance in South Carolina.