Tom Steyer has been eliminated from California's gubernatorial race after failing to secure enough votes to advance to the November general election, despite spending more than $200 million on his campaign.

The billionaire investor and environmental activist conceded the race following California's jungle primary system, where the top two vote-getters regardless of party affiliation advance to the general election. Steve Hilton, a Republican candidate, and Xavier Becerra, a Democrat, will face each other in November.

Steyer's defeat marks his second unsuccessful bid for elected office after spending substantial personal funds. In 2020, he invested more than $300 million of his own money in a failed presidential campaign before dropping out of the Democratic primary.

Hilton, who received an endorsement from President Trump, secured the second position in the primary race. The Republican candidate will now compete against Becerra, the Democratic candidate, for the governor's office in the general election.

The results highlight the limitations of campaign spending in electoral politics, as Steyer's substantial financial investment failed to translate into sufficient voter support to continue his gubernatorial campaign.