Tech billionaires invest heavily in California's June primary elections
Tech billionaires have invested hundreds of millions of dollars ahead of the 2 June primary election in California, undertaking an unprecedented effort to influence the state's political leadership. Silicon Valley's industry is engaging in a comprehensive strategy, funding a wide range of candidates and ballot measures, contributing to what appears to be the largest political spending in California's history. Experts suggest the objective is to secure political and regulatory leverage to maintain dominance in business.
“This money is flowing in the direction of politicians that can be influential in defining the regulatory agenda for the next five years,” said Francesco Trebbi, a public policy professor at the University of California in Berkeley. “Reinforcing the cycle of economic power produces political power, and political power further establishes economic power. So, this cycle is ongoing.”
Analysis of campaign finance filings with California’s secretary of state by revealed several key points:
- Google co-founder Sergey Brin has spent $66 million since January, more than any other donor, to oppose a billionaire tax scheduled for a vote in November.
- Democratic gubernatorial candidate Matt Mahan has received more donations than any other candidate, including contributions from leading executives at Google, Amazon, Snap, LinkedIn, Reddit, and Palantir.
- Crypto entrepreneur Chris Larsen has funded three Super PACs with $26 million to influence campaigns statewide, including a $1 million donation supporting a primary candidate for state insurance commissioner.
- Google and Meta have jointly funded a Super PAC with $10 million to support assembly and senate candidates in local district races across California.
Silicon Valley funding is flowing not only to state-level primaries but also to city primaries, with tech-backed PACs sponsoring voter guides advising on local tax measures.
For Silicon Valley, this political spending is existential as the industry races to develop artificial intelligence. With favorable candidates in office, tech companies anticipate rapid growth while avoiding restrictive regulations.
The vast amount of spending disclosed in public records likely represents only a fraction of total expenditures, Trebbi noted. Individuals seeking to influence election outcomes often fund dark money entities that are not traceable through campaign finance filings.
“These people are sophisticated political givers, so they will use both visible and invisible forms of influence,” Trebbi said. “What we’re seeing now is just the tip of the iceberg.”
Money-for-influence leaderboard
The influx of funds has resulted in voters across California, from Oakland to Bakersfield to Orange County, being inundated with TV ads, robotexts, and mailers promoting various issues and candidates sponsored by tech industry-funded Super PACs.
Top spenders include billionaires Larsen and Brin. Larsen, co-founder of crypto company Ripple Labs and worth approximately $12 billion, has invested millions in over a dozen primary campaigns statewide, targeting city, county, and state-level races and issues. Brin, with an estimated net worth of $290 billion, has focused on opposing a one-time 5% tax on the state’s billionaires, intended to fund education, food assistance, and healthcare programs.
According to campaign finance filings, Brin has donated at least $66 million to a Super PAC dedicated to blocking the billionaire tax. Additionally, he contributed last month to oppose a city measure expanding a tax on high-paid CEOs, which is also on the 2 June ballot. These donations come despite Brin relocating from California to Nevada late last year.
Neither Larsen nor Brin responded to requests for comment.
Beyond campaign contributions, the tech industry is also investing heavily in lobbying efforts. A recent report found that in 2025 alone, the tech sector spent $39 million lobbying the California state government, surpassing previous years and exceeding expenditures by the oil and gas industry, which typically leads in lobbying spend. An analysis showed that major tech and AI companies collectively spent $109 million on federal lobbying in 2025; their California state lobbying represents approximately 36% of their federal lobbying expenditures, underscoring the state's significance to the tech industry.
Tech backs Matt Mahan in governor’s race
Among the 62 candidates on the 2 June primary ballot, Matt Mahan has emerged as the favored candidate of the tech industry. The centrist Democrat and San Jose mayor entered the race late but quickly attracted contributions from prominent tech figures.
Before entering politics in 2020, Mahan worked in the tech sector. He attended Harvard alongside Facebook co-founder Mark Zuckerberg and co-founded a startup in 2014 funded by Salesforce CEO Marc Benioff, tech investor Ron Conway, and Napster co-founder Sean Parker.
Since announcing his candidacy in late January, Mahan has received nearly $50 million in contributions, excluding Tom Steyer’s self-funded campaign of about $200 million, making him the top recipient among gubernatorial candidates. Donors include venture capitalists and executives from Google, Amazon, Snap, eBay, PayPal, Stripe, LinkedIn, DoorDash, Reddit, Netflix, Palantir, Anduril, Roblox, Riot Games, and others.
Google’s Brin donated the maximum individual campaign contribution of $78,400 and contributed to the pro-Mahan Super PAC Deliver for California, according to public records. In March, Mahan visited Brin’s Lake Tahoe residence to personally appeal to him and Brin’s conservative influencer partner. Reports indicate Mahan later texted Brin to apologize for attending a No Kings rally.
Mahan’s outreach to both progressive and conservative groups has not earned widespread support among leading Democrats. Silicon Valley congressman Ro Khanna endorsed Steyer, and state assembly members from Mahan’s district have criticized him as “handpicked” by the tech industry. Lorena Gonzalez Fletcher, president of the California Labor Federation, stated she does not support Mahan because he is “funded by Trump’s big tech billionaires.”
“I’m not running for tech, and if you look at my record – I’ve been in public office now for six years – I think you’d be hard pressed to find – you would not find a single example of me ever doing something to benefit the industry to the detriment of the community,” Mahan said. “If anything, I’ve fought hard to get them to do their fair share.”
Despite the influx of tech funding, Mahan’s campaign has struggled to gain broader support and currently polls at approximately 4% of the vote. The Brin-funded Deliver for California Super PAC closed last month.
Mahan did not respond to further questions regarding his interactions with Brin or the closure of the Super PAC.
Targeting state and local primaries
While the tech industry has concentrated on Mahan in the governor’s race, it has adopted a more dispersed strategy in local elections. Silicon Valley funding has permeated various political levels, from local ballot measures to state congressional races and the contest for California’s new insurance commissioner.
Chris Larsen appears particularly active in local politics. He has funded multiple Super PACs supporting different causes and candidates. The Golden State Promise Super PAC, which has received $10 million exclusively from Larsen and Ripple Labs, focuses on opposing the billionaire tax and recently launched an attack ad against it.
Larsen also supports the state insurance commissioner race. Earlier this month, he donated to Californians for an Affordable Future, a Super PAC backing Democrat Ben Allen in a competitive primary that includes Bernie Sanders-backed Jane Kim.
Additionally, Larsen has contributed $15 million to Grow California, a Super PAC aiming to “rebuild a state capital,” while crypto investor Tim Draper has donated $5 million. Grow California has invested hundreds of thousands of dollars in about a dozen state assembly and senate primaries. For instance, Mark Pulido, running for assembly in Orange County, received $500,000 from Grow California, and senate candidate Scott Sakakihara in Alameda County received over $500,000.
“We have a group of people who are not acting in a pragmatic way. They’re not looking for balance. They’re completely fucking owned by one side,” Larsen said, referring to organized labor’s influence in the legislature. “So we’re going to work on taking out those people who are not working for the people of California.”
Google and Meta have supported a similar Super PAC, California Leads, contributing $5 million each. This PAC has distributed funds to several candidates in the Central Valley and many of the same candidates supported by Grow California. Mark Pulido has received nearly $750,000 from California Leads. The PAC’s stated mission is “supporting leaders focused on California’s future.”
John Bennett, director of the advocacy group California Initiative for Technology and Democracy, noted that spending over $500,000 on a local district primary is significant. He has observed that most tech spending targets about a dozen open seats in the state legislature.
“They’ve been hyper-focused on those open seats, not going after incumbents this time around,” Bennett said. “So, it seems like they’re doing a long-term strategy to slowly turn the legislature to become more friendly to them.”
Other companies, including Palantir and Anduril, have made smaller contributions to local assembly and senate races statewide.
City campaigns are also receiving tech funding. Palantir co-founder Joe Lonsdale has donated to former reality TV star and candidate Spencer Pratt, despite residing in Texas. Several 501(c)(4) organizations backed by Silicon Valley money have emerged in the Bay Area, distributing mailers and robotexts with voter guides endorsing preferred local candidates and opposing union-backed parcel taxes.
“Now they’re going at this from multiple fronts,” Bennett said. “They’re spending in elections, they’re spending in the legislature, and they’re trying to do whatever they can to ensure that they don’t lose their foothold in this economic system.”
Lauren Gambino contributed reporting.
