Billionaire Rick Caruso says he will sit out 2026 Los Angeles mayor and governor races

Rick Caruso, a Los Angeles billionaire who lost the 2022 mayoral race, said on Jan. 16, 2026, that he will not run for Los Angeles mayor or for California governor this year. The announcement came in a statement on X rather than at a news conference. Caruso wrote that “after much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” and said he had asked himself where he could make the greatest impact and how a campaign would affect his family.

He added he was “deeply disappointed to step back from an election that is so critical to California’s future.” Competitors in both contests had feared his entry because of his personal wealth and potential to mount a competitive campaign; he spent more than $100 million in his 2022 bid.

His profile rose after last January’s Los Angeles fires, when he criticized the city’s response and Mayor Karen Bass faced criticism for being abroad during the emergency. Since June, Bass’s ratings have been buoyed by her stance against federal immigration raids and the National Guard deployment.

The Times said the governor’s race remains crowded and Caruso would not have been the only billionaire candidate, and that his name recognition is limited in Northern California. The announcement clarified the fields in two major 2026 contests; the article also notes Gov.

Key Topics

Politics, Rick Caruso, Los Angeles, California, Karen Bass, Gavin Newsom