There is no doubt which candidate California’s billionaires want to be the next governor of California: San Jose Mayor Matt Mahan.
A Chronicle analysis found more than 30 billionaires — the vast majority of whom live in California — have donated to one of the top gubernatorial candidates or to an independent committee supporting them, totaling about $9 million. More than two-thirds (25) donated to support Mahan, one of eight Democrats in the race. The billionaires’ financial support to Mahan, which totaled at least $8.6 million as of Wednesday, could help boost his profile in a crowded June primary. Former Fox News commentator Steve Hilton, a Republican, had the second-most billionaire support, at seven donors.
Other 10-figures-plus individuals who gave money to back Mahan include Bay Area real estate developer John Sobrato and San Francisco venture capitalist Michael Moritz, co-founder of the San Francisco Standard. Like most of the dozens of billionaire donors the Chronicle identified, both donated to Mahan’s personal campaign. State law caps contributions to candidate-controlled committees at $39,200 for both the primary and general election contests, meaning contributors can give $78,400 total per election cycle.
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The currently available donation data is incomplete. Candidates must immediately report all contributions they receive over $5,000 — but the state hasn’t yet made detailed data available for contributions made in 2026, and Mahan only entered the race earlier this year. And committees don’t have to report smaller donations until mid-April…