Bonta outraises candidates in governor race
Among the contenders to replace Gov. Gavin Newsom in 2026 when he terms out of office, the one raising the most money in recent months hasn’t even officially launched his campaign.
Attorney General Rob Bonta has said he’s “seriously considering” a run for governor but hasn’t officially declared his candidacy. But in the last seven months, the Democrat has brought in more money than the four major candidates who have opened campaign accounts for the 2026 governor’s race.
Bonta has reported more than $2 million in campaign contributions in the last seven months. That total includes all donations from the last six months of last year — the most recent reporting period — and donations over $5,000 from January of this year, which candidates must disclose on a rolling basis. At the end of last year, he had $5.2 million in cash on hand, according to campaign finance reports filed last week.
Lt. Gov. Eleni Kounalakis, a Democrat who launched her campaign in April, raised just under $1.5 million during the same time period. But she’s still beating Bonta in cash on hand — at the end of last year, she reported nearly $3.4 million in her governor account, but also $4.4 million left over in her 2022 reelection campaign account.
California schools chief Tony Thurmond raised more than $800,000 over the same period and reported about $700,000 in cash at the end of last year. He announced his campaign in September.
Sen. Toni Atkins, D-San Diego, collected more than $700,000 in contributions in the past seven months, including nearly $125,000 in the two weeks since she announced her campaign. Atkins, who previously served as leader of both the state Senate and Assembly, reported about $2.4 million in cash on hand at the end of last year.
Meanwhile, former state Controller Betty Yee has raised $14,000. The Democrat told the Chronicle last year that she intends to run, but she has not announced an official campaign launch. She had $333,000 in cash at the end of 2023.
Because Bonta hasn’t declared his candidacy, he is subject to stricter contribution limits than those who have opened gubernatorial campaign accounts. He is raising money in an account registered as a 2026 attorney general reelection campaign, which can accept a maximum of $18,200 from each individual donor ($9,100 each for the 2026 primary and general election) and $36,400 from political groups.
In contrast, gubernatorial accounts can accept up to $72,800 per donor, $36,400 each for the primary and the general election.
If Bonta does declare his candidacy, that means he could tap his top donors for even more money. His two top contributors are unions: SEIU United Healthcare Workers West and United Food and Commercial Workers Western States Council. Both groups contributed more than $30,000 to his campaign.
Kounalakis’ top donors are from two wealthy California families, the Yins, who own a franchise empire of McDonald’s restaurants, and her own. Kounalakis’ father, Sacramento real estate mogul Angelo Tsakopoulos, poured millions into an independent campaign to help elect his daughter lieutenant governor (which was not subject to the same contribution limits as candidate-run campaigns). He and two other members of the Tsakopoulos family, as well as Regina and CC Yin, have all maxed out in contributions to Kounalakis.