LOS ANGELES (AP) — In the wide-open race for California governor, billionaire Tom Steyer is on a spending binge.

The hedge fund manager-turned-liberal activist is using his personal fortune to saturate TV screens and mobile phones with advertising, while his competitors accuse him of trying to use his vast wealth to buy the state’s most powerful job.

Steyer’s ads — in which he promises to bring down household costs or rails against federal immigration raids — appear inescapable at times in heavily Democratic Los Angeles, the state’s largest media market. Data compiled by advertising tracker AdImpact show Steyer has spent or booked over $115 million in ads for broadcast TV, cable and radio — nearly 30 times the amount of his nearest Democratic rival.

If he makes it through the June 2 primary election, Steyer could easily eclipse the 2010 record set by Republican Meg Whitman, who spent $178.5 million in a losing bid for governor, much of it her own money. At the time, it was the costliest campaign for statewide office in the nation’s history.

Even when ad buys from all his major competitors are combined, along with ad purchases by independent committees supporting candidates, Steyer is outspending the field by tens of millions of dollars.

“Billionaire money is flooding our state in an attempt to buy this election,” former U.S. Rep. Katie Porter, one of Steyer’s chief rivals, warned her supporters this month.

Mail-in ballots are set to go out to voters next month. Steyer is among a crowd of candidates hoping to seize a spotlight after former Democratic U.S. Rep. Eric Swalwell’s dramatic departure from the race following sexual assault allegations that he denies.

But while Steyer has ticked up in polling amid his spending splurge, he has not broken away from the field, leaving some wondering if he’s getting value for his dollars.

“If your first round of ads doesn’t move you dramatically (in the polls), the third, fourth, fifth, six, seventh and eighth rounds won’t either,” said veteran Democratic strategist Bill Carrick, who for years advised the late Democratic U.S. Sen. Dianne Feinstein. “There is something inherently holding Steyer back.”

In recent prior campaigns for governor, at this stage a leading candidate was taking control of the race. This year, voters appear to be shrugging at a contest that lacks a star candidate among seven leading Democrats and two Republicans.

“Somehow the campaign is frozen,” Carrick added.

History shows that money doesn’t always translate into votes.

Billionaire developer Rick Caruso spent over $100 million in 2022 in his bid to become Los Angeles mayor, much of it his own money, but he was handily defeated by Mayor Karen Bass, who spent a fraction of Caruso’s total. Billionaire former New York City Mayor Michael Bloomberg spent more than $1 billion of his own money on his 2020 presidential bid before dropping out. And Steyer’s money was unable to lift him into contention in the 2020 presidential contest, when he dropped out early in the year after a poor finish in the South Carolina primary.

Steyer has never held elected office.

In a 2019 interview with The Associated Press, Steyer was asked what he would say to people who think he’s trying to buy the presidency.

“I don’t think that’s possible,” Steyer said at the time, before adding, “I’m never going to apologize for succeeding in business. That’s America, right?”

His campaign did not respond directly when asked about similar criticism facing his run for governor.

“Tom now stands as the only Democrat with the grassroots energy, institutional backing and resources to advance to the general election,” spokesperson Kevin Liao said in a statement.

The governor’s race was recently reordered by two developments: Swalwell, a leading Democrat, abruptly withdrew from the race then resigned from Congress, following sexual assault allegations. Meanwhile, President Donald Trump endorsed conservative commentator Steve Hilton.

Still, there is no clear leader.

Polling in late March and early April by the nonpartisan Public Policy Institute of California found a cluster of candidates in close competition: Democrats Steyer and Porter, Republicans Hilton and Chad Bianco, and Swalwell. Other candidates were trailing. The polling was conducted before Swalwell withdrew.

Democrats have feared the party’s large number of candidates could lead to them getting shut out of the general election in November. That’s because California has a primary system in which only the top two vote-getters advance to the general election, regardless of party.

Leading Democrats are all claiming to have picked up support since Swalwell’s exit. Steyer nabbed one plum endorsement, when the influential California Teachers Association, which previously backed Swalwell, recommended him.

In his ads, Steyer promises to “abolish” U.S. Immigration and Customs Enforcement, which has been staging raids across California. In another, he laments the state’s punishing cost of housing, “Everybody needs an affordable place to live,” he says.

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From one crackdown on hospice fraud to another.

A few weeks ago, the FBI arrested multiple people in Southern California that were accused of defrauding the government for millions of dollars.

In a more recent announcement last Thursday, California’s State Attorney General Rob Bonta held a press conference to announce a fraud bust of their own.

“Operation Skip Trace uncovered and ended a hospice fraud scheme that defrauded Medi-Cal of $267 million,” Bonta said. “So just to be clear, a quarter billion dollars over funds that are paid for by California taxpayers, funds that are meant to provide care to Californians in need. It is unacceptable. It is illegal and we will not stand for it.”

The operation saw a total of 21 suspects charged as a result and dismantled a major hospice fraud scheme, with two handguns and over $750 thousand in cash seized as well.

According to the state’s attorney general, this is just one of the many cases over the years the state has cracked down on.

“This is just the latest example of the California DOJ’s longstanding ongoing and successful efforts to combat hospice and medical fraud,” Bonta said. “We have been doing this work for years. We’ve been doing it successfully before certain people in this country decided to think about it for the first time. We will continue to do this work. Heads down, sleeves rolled up, important investigative work, prosecutorial work.”

He added to that by taking a shot at the Trump Administration’s latest fraud operations.

“While healthcare fraud might be President Trump’s shiny new political talking point, the California DOJ has been going after healthcare fraud since 1979,” Bonta said. “For decades, Trump is late to the party. Protecting taxpayer dollars and protecting programs sick and vulnerable Californians rely on have been our priority for nearly five decades.”

Governor Gavin Newsom also spoke out about this latest crackdown while taking a shot of his own at President Trump.

In a post to “X” the Governor’s Press Office wrote in part quote…

“California has been cracking down on hospice fraud long before Trump gutted oversight and pardoned the architect of the biggest health care fraud scheme in U.S. history.”

State Republicans have responded to this latest announcement from Attorney General Bonta, calling for a special session to demand accountability from the Governor on widespread fraud.