Silicon Valley billionaires, venture capitalists, and real estate executives dominate the crowd of early donors giving millions to Matt Mahan’s 2026 campaign for governor, according to newly filed state campaign finance reports.
Campaign filings show the San Jose mayor’s committee reporting more than $2.1 million in large contributions, while Mahan announced earlier this month that his campaign war chest had reached a goal of more than $7 million.
Max donors giving $39,200 for both the primary election in June and the November runoff include Google co-founder Sergey Brin — whose estimated net worth is around a quarter-trillion dollars — as well as billionaire Los Angeles developer Rick Caruso, conservative venture capitalists Joe Lonsdale, and Garry Tan, chief executive of San Francisco-based startup accelerator Y Combinator.
The concentration of max contributions underscores Mahan’s bullish support among tech and business elites, particularly in the Bay Area and Los Angeles.
An independent committee supporting Mahan’s campaign, called California Back to Basics, also appears to have some serious financial backing, as it reportedly dropped $1.5 million on a Super Bowl ad touting Mahan’s credentials to succeed Gov. Gavin Newsom.
“The Super Bowl ad gave us an opportunity to introduce Mayor Mahan to a statewide audience as a problem-solver rising above the toxic atmosphere that surrounds our politics today and the only candidate actually solving the problems that California voters want fixed,” committee spokesperson Matthew Rodriguez told San José Spotlight.
State law forbids candidates from coordinating with independent expenditure committees, but Mahan seemed to be parroting the group’s messaging in a tweet crowing over the money his campaign raised.
“Californians are showing up for our Back to Basics plan to build the housing we need, end street homelessness, and make sure that before Sacramento asks us to pay more, they do better,” Mahan wrote on X.
Several other high-profile contributors who gave $78,400 apiece to Mahan’s campaign include Roblox CEO David Baszucki and venture capitalists Jeremy Liew and Steve Jurvetson.
“As much as he likes to talk about back to basics, it’s really back to the billionaires,” Assemblymember Ash Kalra (D-San Jose) told SFGATE.
Progressive billionaire Tom Steyer, who has poured more than $38 million into his own gubernatorial campaign, according to state campaign records, blasted Mahan on Wednesday for being in the pocket of the rich conservatives, noting that Jurvetson is an ally of Elon Musk while Lonsdale co-founded tech defense company Palantir with Peter Thiel.
“His campaign is bankrolled by tech billionaires and corporate insiders who profit off your data, crush competition, attack unions, and pour money into surveillance and defense contractors,” Steyer said in a statement.
“Californians deserve a governor who will stand up to corporate power, not bend the knee to it.”
Mahan’s campaign manager, Adrian Rafizadeh, issued a statement to The Post noting that he is focused on results over squabbles with other candidates.
“Trust in city government has increased by nearly 40% since he took office because he delivered, and because he was willing to stand up to special interests to get things done,” Rafizadeh said. “We’re confident Californians across the state want that same practical, results-driven leadership.”
