Billionaire Democrat Tom Steyer is making history in California’s race for governor, pouring unprecedented amounts of money into advertising as he competes for a spot in the November election.

According to data from ad-tracking firm AdImpact, the former hedge fund executive and liberal activist has spent or reserved more than $195 million on television, cable and radio advertising — the largest political ad campaign in the nation this year, with spending still climbing.

Steyer’s massive financial investment has fueled criticism from opponents who argue he is attempting to buy his way into the governor’s office. His ad spending exceeds that of his closest competitor, Democrat Xavier Becerra, by more than 20 times.

No other gubernatorial candidate in the country has come close to Steyer’s advertising totals. In Georgia, Republican health care executive Rick Jackson ranks second nationally after spending roughly $83 million in his governor’s race, while Lt. Gov. Burt Jones has spent nearly $31 million. Democratic Congressman Raja Krishnamoorthi of Illinois follows with more than $28 million spent during an unsuccessful Senate campaign.

Several California Democrats have targeted Steyer’s reliance on personal wealth throughout the campaign. Former congresswoman Katie Porter accused him of trying to purchase political support instead of earning it from voters.

Steyer’s spending spree has already surpassed the raw total spent by Republican Meg Whitman during her failed 2010 gubernatorial bid, which was once considered the most expensive statewide campaign in U.S. history. Adjusted for inflation, Whitman still holds the overall record for a full election cycle.

Despite the historic ad blitz, Steyer has yet to establish a commanding lead in the crowded race. He remains grouped among several top contenders, including Becerra and Republican Steve Hilton, as California heads toward the June 2 primary election.

Mail voting is already underway, and Steyer’s financial advantage has enabled him to dominate television and digital platforms in the campaign’s final stretch. Much of his messaging has focused on questioning Becerra’s qualifications and record, while Becerra’s campaign has lacked the funding to respond on the same scale.

One Becerra campaign ad attempted to capitalize on voter fatigue from Steyer’s nonstop advertising, pairing peaceful California imagery with the message: “You can stop the endless Tom Steyer ads. Vote Xavier Becerra.”

Steyer has also expanded his campaign beyond traditional media, investing heavily in online promotion across platforms such as YouTube and Instagram. Reports indicate his campaign paid a progressive Texas-based influencer $100,000 to help boost his candidacy, while Becerra’s campaign has also reportedly worked with social media influencers.

Steyer spokesperson Kevin Liao defended the campaign by pointing to millions of dollars spent against Steyer by independent groups backed by utility companies, real estate interests and other business organizations opposed to his policy proposals, including plans to break up California’s electric utility monopolies.

Speaking in Berkeley on Wednesday, Steyer argued his campaign is challenging corporate interests that he says are contributing to California’s high cost of living.

“The corporations and billionaires have spent a record amount against me,” Steyer said. “I’m only working for the people of California.”

The governor’s race remains highly competitive, with more than 50 candidates appearing on the ballot under California’s “top two” primary system, which advances only the two highest vote-getters regardless of party affiliation.

Political analysts note that while money can increase visibility, it does not guarantee victory. Recent examples include billionaire Rick Caruso’s failed Los Angeles mayoral campaign and Michael Bloomberg’s unsuccessful 2020 presidential bid, despite both men spending enormous personal fortunes.

Steyer himself failed to gain traction during his 2020 presidential campaign, which ended after disappointing primary results in South Carolina.

California voters are entering the election season amid growing concerns over homelessness, rising housing costs, insurance issues tied to wildfires, budget deficits and increasing everyday expenses for groceries, utilities and gasoline.

AdImpact’s spending figures do not include some streaming platforms, including Hulu and YouTube, or campaign mailers.