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California's tech billionaires are increasingly throwing their support behind former Health and Human Services Secretary Xavier Becerra after many previously backed San Jose Mayor Matt Mahan's unsuccessful bid for governor.
New campaign finance filings show a growing number of influential tech executives, venture capitalists, and business leaders redirecting their support to Becerra after Mahan's sixth-place finish ended the Democratic mayor's gubernatorial campaign.
Among the latest donors are Y Combinator CEO Garry Tan and Snap co-founder Evan Spiegel, who each gave Becerra the maximum individual contribution of $39,200 on June 26. Los Angeles real estate developer Rick Caruso, who also backed Mahan during the primary, followed with a maximum donation of $39,200 on June 30.
"Politics is a long-term commitment, not a one-cycle effort," Tan said in a statement provided through a spokesperson. "Success comes from listening, building coalitions, and staying engaged beyond election day and throughout the year. The tech sector will continue to grow politically and continue to contribute."
Becerra has also drawn support from other prominent California donors who previously aligned with Mahan. Lisa Pritzker donated $39,200 to Becerra on June 15 after her ex-husband, billionaire investor John Pritzker, contributed $500,000 to an independent expenditure committee supporting Mahan during the primary. Instacart also gave Becerra the maximum contribution after previously donating $25,000 to an outside committee backing Mahan.
The filings also show Becerra collected more than $235,000 after the primary from Silicon Valley venture capitalist Ron Conway and members of his family. Conway did not donate directly to Mahan's gubernatorial campaign but has long supported the mayor's business ventures and political career in San Jose.
"Silicon Valley rarely stays on the sidelines for long," political expert Mike Fahey told the Washington Examiner. "Once a preferred candidate is out of the race, major donors tend to consolidate behind the contender they believe can actually govern and win. Politics is an investment business as much as it is an ideological one. These donors aren't writing checks to relive the primary. They're writing checks to have a seat at the table when the next governor is making decisions that affect California's economy, technology sector, housing, artificial intelligence, and regulation."
Veteran California political strategist Rich Robinson also said the donor migration reflects political reality more than ideology.
"The reason is pretty simple: Xavier is going to be the winner," Robinson told Mission Local. "Get on the train now. They're trying to make up for the fact they were with Mahan and don't want to be shut out of the Becerra administration."
The shift marks a dramatic reversal from the opening months of the race, when Mahan was widely viewed as Silicon Valley's preferred candidate.
After launching his campaign, Mahan quickly attracted support from technology executives and wealthy investors drawn to his business-friendly platform. More than two dozen billionaires ultimately helped steer roughly $15 million into his campaign and allied political committees, hoping he could emerge from the crowded Democratic field.
The strategy fell short. Despite assembling one of the strongest fundraising operations in the race, Mahan finished sixth in the June primary, prompting many of his biggest financial supporters to rally behind Becerra as Democrats began to consolidate around the former Cabinet secretary.
Some influential figures in the tech industry had already begun hedging their bets before primary voters weighed in. Netflix Executive Chairman Reed Hastings donated to both Mahan and Becerra, while Meta contributed $245,000 to a committee supporting Becerra in late May, and Uber gave $1 million to the same group a week earlier.
Others have spread their support across party lines.
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Google co-founder Sergey Brin, Ripple Labs co-founder Chris Larsen, and Palantir Technologies co-founder Joe Lonsdale each contributed to both Mahan and Republican candidate Steve Hilton, according to campaign finance records.
Brin, who has largely stayed out of politics, drew attention earlier this year after relocating from California to Nevada. Hilton also has deep Silicon Valley ties through his wife, Rachel Whetstone, who led communications and public policy at Google from 2005 to 2015. His campaign has also attracted significant backing from business interests and political action committees, including support from Uber Technologies and several real estate and investment firms.
"The bigger story is what this says about California politics," Fahey said. "The tech industry has become more pragmatic than ideological over the last several election cycles. Rather than trying to reshape the race after the voters have spoken, many influential donors are accepting the political reality and moving quickly to build relationships with the candidates most likely to govern. That's less about changing the outcome than making sure they still have a voice once the campaign is over.
