Stephen Cloobeck drops out of California governor race, endorses Eric Swalwell
Stephen Cloobeck, a billionaire who made his fortune in the timeshare business, has dropped out of the race for California governor to endorse another candidate.
At the outset of his campaign, Cloobeck, a Democrat, said he decided to run after he spoke to the candidates who had announced for the seat, which is open in 2026 due to term limits. He said he felt none of them was qualified. “They don’t have solutions. They talk in word salad,” he told The Bee earlier this year.
That changed after his friend Democratic Rep. Eric Swalwell got into the race last week, Cloobeck said during a joint appearance with Swalwell on CNN’s Elex Michaelson Monday night.
“I’m dropping out of the race and supporting Eric Swalwell as the next governor of California,” Cloobeck said. “Eric’s a man of integrity, a man of character, values and a great leader.”
Despite pouring more than $13 million of his own money into his campaign, Cloobeck’s support in polls has stayed at 1% or 2%. He intends to now financially support Swalwell’s campaign.
“I look forward to drawing on Stephen’s experience as I take on bringing more housing to California, modernizing the state and adding small businesses,” Swalwell said.
The East Bay congressman announced his candidacy last week on Jimmy Kimmel Live! He said he wants to make California a more affordable place to live and use the state’s highest position to push back against the Trump administration similar to Gov. Gavin Newsom.
Newsom so far has declined to make an endorsement in the race.
Other Democrats running include former Rep. Katie Porter, former state attorney general Xavier Becerra, former Los Angeles Mayor Antonio Villaraigosa, former Controller Betty Yee, state Superintendent Tony Thurmond, former Assemblymember Ian Calderon and billionaire Tom Steyer.
Republican candidates Chad Bianco, the sheriff of Riverside County, and Steve Hilton, a former Fox News pundit, are also in the race.
This story was originally published November 25, 2025 at 9:12 AM.
