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3w ago

Kounalakis Withdraws From California Governor Race to Run for State Treasurer

Her decision redirects about $9 million to her treasurer campaign following an Emerson College poll showing Katie Porter at 18 percent support.

Former Vice President Kamala Harris speaks at the State of the People POWER Tour opening ceremony on June 6, 2025 in Los Angeles, California.
Lieutenant Governor of California, Eleni Kounalakis at the Expo/Crenshaw Station part of Metros Crenshaw/ LAX Transit Project in Los Angeles on Friday, July 8, 2022.
Eleni Kounalakis, speaks at the gubernatorial candidate salon in Sacramento on May 12, 2025. Kounalakis announced early Friday she's dropping her bid for governor and will run for state treasurer in 2026.
Former Oakland Mayor Libby Schaaf arrives for Barbara Lee’s inauguration in Jack London Square in Oakland on June 8, 2025.

Overview

  • Lt. Gov. Eleni Kounalakis announced Friday that she is ending her 2026 governor bid to run for state treasurer.
  • She intends to use her fundraising network to focus on California’s financial future, transferring roughly $9 million from her governor campaign to her treasurer bid.
  • Former Oakland Mayor Libby Schaaf withdrew from the treasurer contest and endorsed Kounalakis after her entry.
  • An Emerson College poll taken Aug. 4–5 shows former Rep. Katie Porter leading the governor primary with 18 percent, followed by Republican Steve Hilton at 12 percent under California’s jungle primary rules.
  • With Gov. Gavin Newsom term-limited and Kamala Harris already out of the race, the 2026 primary remains wide open and nearly 38 percent of voters are undecided.