Los Angeles billionaire Rick Caruso won’t run for governor or LA mayor
Another person seen as a strong potential candidate for California’s 2026 gubernatorial race has stepped back from running, as Los Angeles billionaire Rick Caruso said Friday he won’t pursue elected office this year.
Caruso, who spent more than $100 million in a 2022 run for mayor of Los Angeles, which he lost to Karen Bass, had been considering a run for the governor’s mansion or making a second challenge against Bass this year.
But on Friday night, he cited the demands of a political campaign on his family life and the question of “where can I make the greatest impact” in deciding not to pursue elected office in 2026.
“Though my name will not be on a ballot, my work continues,” Caruso said in a statement he posted to X. “I am immensely proud of what we are accomplishing through Steadfast LA, supporting victims of the Palisades and Eaton Fires, as well as through my company and family foundation’s efforts to strengthen communities in need.”
Caruso’s decision not to enter the governor’s race came the same week that California Attorney General Rob Bonta ended long-running speculation he’d mount a campaign, saying he preferred to continue his work litigating against the second administration of Donald Trump.
Caruso’s wealth made his potential campaign for either governor or Los Angeles mayor a race changer. He would have been the second billionaire to enter a crowded Democratic primary gubernatorial contest, following San Francisco investor Tom Steyer.
The primary field also includes Rep. Eric Swalwell; former Rep. Katie Porter; former State Controller Betty Yee; former legislator Ian Calderon; former Attorney General Xavier Becerra; former Los Angeles Mayor Antonio Villaraigosa; and State Superintendent Tony Thurmond.
