ToplineSeveral billionaires are throwing their support behind California gubernatorial candidate and San Jose Mayor Matt Mahan after sexual assault allegations derailed Rep. Eric Swalwell’s campaign for governor—although the Silicon Valley mayor is still lagging behind multiple candidates in the polls.San Jose Mayor Matt Mahan is one of several Democratic candidates in the crowded primary race for governor of California.Los Angeles Times via Getty ImagesKey FactsAt least three major donors have made substantial contributions to his campaign since Swalwell exited the race Sunday. Rick Caruso, a billionaire real estate developer who unsuccessfully ran for mayor in Los Angeles in 2022, donated $1 million to an independent group supporting Mahan, according to a filing on Monday.Other billionaires have bankrolled Mahan in the past—Sergey Brin, the Alphabet co-founder and fourth-wealthiest person in the world as of Tuesday, donated $1 million to a different committee supporting Mahan in March, records indicate, although the billionaire also reportedly gave Republican candidate Steve Hilton a $39,200 donation the same month.Key BackgroundMahan, a centrist Democrat, is the current mayor of San Jose, and has cultivated a following among the Bay Area’s tech industry donor class. However, he has so far failed to break ahead of the other Democrats in any of the polling—often trailing Swalwell, former Rep. Katie Porter and billionaire Tom Steyer. In recent weeks, one fundraiser for Mahan pitched donors on an “escrow” account in a late effort to raise $35 million for the mayor’s struggling campaign, the New York Times reported. Fundraisers estimated this was the amount he needed to break ahead in the polls, and told donors they would get their money back if they failed to reach the $35 million figure.Surprising FactVoters head to the polls in California for the state’s open primary on June 2. Rather than nominate separate Democratic and Republican candidates, the top two performing candidates move on to the general election in November. This means that although Democrats have dominated California politics for years, the crowded field of Democratic candidates could result in two Republicans advancing to the general election. The last major polls were conducted before Swalwell dropped out of the race, but some polls had Republicans Steve Hilton, a former Fox News host endorsed by Trump, and Chad Bianco, the sheriff of Riverside County, leading the pack of Democrats. Others, such as an Emerson College poll in March, showed Swalwell in the lead. Further Reading$35 Million or Your Money Back: One Candidate’s Silicon Valley Lifeline (New York Times)