$35 Million or Your Money Back: One Candidate’s Silicon Valley Lifeline
The New York Times • • nation
Key Points:
- Matt Mahan, a moderate Democrat and San Jose mayor, initially gained strong support from Silicon Valley for his California governor campaign, particularly from tech billionaires opposed to a billionaires’ tax.
- Despite raising millions, including from Sergey Brin, Mahan has struggled to gain voter traction as the June primary nears.
- His campaign has introduced an unusual fundraising strategy: donors are asked to help raise $35 million by April 17 with a promise to refund contributions if the goal is not met, using an escrow account.
- This "all or nothing" fundraising approach aims to assure donors of the campaign's momentum but also signals desperation and a belief that less than $35 million would not make Mahan competitive.
- The strategy reflects Silicon Valley’s wavering confidence in Mahan’s viability as a gubernatorial candidate.
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