Rick Caruso, a billionaire who had long considered running for California governor or challenging Mayor Karen Bass of Los Angeles to a rematch this year, announced on Friday that he will remain on the sidelines and not enter either campaign.
The announcement sent ripples of relief through competitors in both races, because they feared his potential to mount a competitive campaign backed by his personal wealth. In the end, there was no news conference, just a statement on social media on the cusp of a holiday weekend.
“After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time,” Mr. Caruso wrote on X. “It was a difficult decision, and I am deeply disappointed to step back from an election that is so critical to California’s future.”
He said he had made his decision after asking himself “where I can make the greatest impact, and how a possible campaign for public office would affect my family.”
The announcement was clarifying for contenders in two of California’s most important 2026 electoral battles, and unsurprising, given the built-in difficulties of winning either race.
Since 2022, when Ms. Bass decisively beat Mr. Caruso after a campaign in which he spent more than $100 million, most of it his own money, he has been viewed as a likely challenger to her re-election. His profile rose after the Los Angeles fires last January, when he immediately criticized the city’s response in television interviews. At the same time, Ms. Bass’s approval ratings plummeted as it emerged that she was out of the country on a diplomatic trip to Ghana during the fires.
Since June, however, Ms. Bass’s ratings have been buoyed in the heavily liberal city by her defiant stance against the Trump administration’s immigration raids and National Guard deployment.
Her challengers already include at least one well-known business executive known for his civic work, Austin Beutner, and at least one nationally known critic with Republican backing, Spencer Pratt, a reality TV star. Internal polls shared by several campaigns have indicated that, while her popularity remains weakened, Mr. Caruso would likely face difficulty defeating her as a former Republican who campaigned as a pro-business centrist.
The race to succeed Gov. Gavin Newsom, meanwhile, remains so crowded that Mr. Caruso, if he were to run, would not even be the sole billionaire on the ticket. And while California’s electorate is significantly more moderate statewide than it is within the Los Angeles city limits, his name recognition is limited in Northern California.
Mr. Newsom, a Democrat, cannot run again because of term limits and is considered a strong Democratic contender for president in 2028.
Shawn Hubler is The Times’s Los Angeles bureau chief, reporting on the news, trends and personalities of Southern California.
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