As Gavin Newsom departs, ultra-wealthy flex wealth and influence to fight regulation and keep the boom going

Tech billionaires are leveraging tens of millions of dollars to influence California politics in a marked uptick from their previous participation in affairs at the state capitol. Behemoths such as Google and Meta are getting involved in campaigns for November’s elections, as are venture capitalists, cryptocurrency entrepreneurs and Palantir’s co-founders. The industry’s goals run the gamut – from fighting a billionaire tax to supporting a techie gubernatorial candidate to firing up new, influential super political action committees (Pacs).

The phenomenon squarely fits the moment for the state’s politics – with 2026 being the year that Politico has dubbed “the big tech flex”.

Gavin Newsom, California’s tech-friendly governor who’s been quick to veto legislation that cramps the sector’s unfettered growth, is reaching his term limit. That means Silicon Valley needs to find a new ally. The industry may have found its candidate in an upstart mayor from San Jose, Matt Mahan.