Tom Steyer has twice tried to get into politics by plowing hundreds of millions of his own money toward the effort.

By Tuesday evening, it appeared that his second stab at public office may not pan out.

Steyer’s nearly $220 million gubernatorial campaign — following a $342 million presidential bid in 2020 — was showing lukewarm results as he trailed a rival Democrat by roughly 250,000 votes for second place. Only the top two candidates in the governor’s race will proceed to the November general election.

“I think it is going to be Becerra versus Hilton,” said Lakshya Jain, director of political data at the online publication The Argument. “I think the initial results aren’t good enough for Steyer.”

Jain said Tuesday’s results showed a number of weaknesses for the Steyer campaign, including lackluster support in the state’s northern counties, where the candidate was expected to outshine his opponents.

“If I were the Steyer team, being down in counties like the Bay Area, or in the North Bay like Napa, is really not what you would look for,” Jain said. “That does not indicate many good things.” Becerra leads in Alameda, San Mateo, and Santa Clara counties. Steyer is leading in San Francisco, with roughly 33% of the vote.

But Steyer told supporters to remain optimistic in a speech at 9:30 p.m., quoting President Franklin D. Roosevelt.

“California deserves better,” he told the crowded Regency Ballroom. “Working people deserve better.”

He added later, “We just have to be patient.”

Steyer let his speech do the talking Tuesday night. He told reporters he was not participating in interviews.

Others in his camp, including senior adviser Anthony York, told reporters they expect support for Steyer to rise in the coming days as more Democratic votes are counted.

Despite the third-place showing, the mood at Steyer’s campaign party remained upbeat throughout the night, with attendees munching on an impressive array of appetizers, including strawberries, chicken salad sliders, and charcuterie boards. Most exited around 11:30 p.m. while ‘70s and ‘80s-era music played in the background.

Steyer entered the crowded governor’s race in November 2025, running a populist campaign that critiqued corporate power and wealth while championing working Californians. His platform earned him enemies: Pacific Gas & Electric, the behemoth utility company that he has criticized for its high prices, spent millions on anti-Steyer attack ads.

In 2020, he unsuccessfully ran for president, bowing out (opens in new tab) eight months before Election Day.

Having made vast sums of money as an investor and hedge fund manager — his net worth is estimated at around $2 billion — Steyer portrayed himself during his bid for governor as a so-called “class traitor” as he picked up support from labor unions and other progressive groups.

The populist messaging earned him support from some important San Franciscans, including former Mayor Willie Brown, who showed up to Tuesday’s party in his usual suit and hat.

Asked how he was feeling about Steyer’s chances, Brown said he was “still very hopeful.”

He added, “All of San Francisco should have heard his remarks tonight, and they wouldn’t vote for anybody else if they heard those remarks.”