Billionaire Democrat Tom Steyer is making history in the California governor’s race, pouring more than $195 million into political advertising across broadcast TV, cable, radio, and digital platforms as the June 2 primary approaches.

The massive self-funded campaign dwarfs spending by his closest rivals. Fellow Democrat Xavier Becerra has spent less than one-twentieth of Steyer’s total, according to AdImpact tracking data. Nationally, no other candidate comes close to Steyer’s ad blitz this cycle. His spending has already surpassed the inflation-adjusted record for a California statewide race set by Meg Whitman in 2010.

Critics, including rival Katie Porter, have accused Steyer of trying to purchase the governor’s office rather than earning voter support. “He’s not earning support, he’s buying this seat,” her campaign told supporters. Steyer has used his financial advantage to flood the airwaves and social media with attacks on Becerra while promoting his own agenda, which includes promises to break up California’s electric monopolies.

Steyer, who ran unsuccessfully for president in 2020, has never held elected office. He has defended his spending by claiming he is fighting powerful corporate interests driving up living costs in the state. His campaign has also paid large sums to influencers to boost his message.

Despite the record spending, Steyer has not pulled away from the crowded field. He remains in contention with Becerra, Republican Steve Hilton, and others in California’s top-two primary system, where the top two vote-getters advance to November regardless of party. Mail voting is already underway, but turnout has been slow in a race lacking a dominant frontrunner.

History suggests massive spending does not always guarantee victory. Billionaire Rick Caruso spent over $100 million in his failed 2022 bid for Los Angeles mayor, and Steyer’s own heavy spending in the 2020 presidential race failed to gain traction. With more than 50 candidates on the ballot, the final days of the primary will test whether Steyer’s financial edge can overcome voter fatigue with his nonstop advertising.