Tech industry wins big in California primary election with millions spent paying off
Summary
The tech industry spent millions of dollars supporting candidates in California’s primary election. While their favorite candidate for governor lost, several other candidates backed by tech companies and related political groups won or advanced to November’s election.Key Facts
- Silicon Valley tech companies and executives spent tens of millions on California primary elections.
- Matt Mahan, a tech-backed candidate for governor, received about $50 million but came in sixth place with 4% of the vote.
- Scott Weiner, supported by the tech industry for U.S. Senate, won the most votes in the primary and will advance to the November midterms.
- Ben Allen, backed by tech, is likely advancing for state insurance commissioner.
- Two major Super PACs, Grow California (funded by crypto leaders) and California Leads (funded by Google and Meta), contributed millions to local legislative races.
- Most candidates supported by these Super PACs, especially Democrats, are advancing to the next election stage.
- The tech industry’s goal is to place preferred lawmakers in California’s state legislature to influence regulations and policies.
- Experts expect tech spending on political campaigns to increase significantly before the November midterms.
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