Tech billionaires are spending unprecedented sums in California races. Experts say it's the tip of the iceberg

Tech billionaires and major Silicon Valley companies have poured unprecedented sums into California’s June 2 primaries and local races to shape the state’s regulatory and political future. Google co‑founder Sergey Brin has given at least $66m to oppose a proposed “billionaire tax,” while crypto executive Chris Larsen has funded roughly $26m across multiple Super PACs. Google and Meta jointly funded a Super PAC with $10m. Matt Mahan, the tech‑backed gubernatorial candidate, has raised nearly $50m from industry figures. The industry also spent an estimated $39m lobbying California in 2025, underscoring the state’s strategic importance. Markets could read this as a bid to reduce regulatory risk for big tech — potentially positive for company profitability — but the scale of spending raises political backlash and reputational risk, introducing policy uncertainty that investors may price into affected stocks.