Tech industry wins big in California primary election with millions spent paying off Silicon Valley demonstrated significant political influence in California’s primary elections through substantial financial contributions, achieving victories in several smaller races despite a high-profile loss in the gubernatorial contest. Tech companies and their executives invested tens of millions of dollars to support candidates, particularly in legislative races, aiming to gain political and regulatory advantages. The spending is expected to escalate as key issues like a proposed wealth tax approach crucial votes later in the year.

• Silicon Valley tech companies and executives spent tens of millions of dollars in California’s primary elections.
• The goal of this spending is to gain political and regulatory leverage against potential regulations and taxation.
• While Matt Mahan, a Silicon Valley-backed candidate for governor, lost, other favored candidates like Scott Weiner advanced.
• Super PACs funded by tech moguls and companies like Google and Meta supported numerous state legislative candidates, with most of them advancing to the November ballot.
• The tech industry’s significant financial involvement in primaries is seen as a precursor to even greater spending in the general election, especially concerning a proposed wealth tax.
• The strategy appears to focus on influencing the state legislature by backing candidates, primarily Democrats, in key districts.