Caruso bows out of LA mayor and CA governor races, refocusing on nonprofit work
Billionaire developer Rick Caruso announced he will not run for Los Angeles mayor or California governor, citing family considerations and a continued commitment to public service. He will focus on his nonprofit Steadfast LA and related efforts, ending months of speculation after a high-profile 2022 bid in which he spent about $100 million of his own fortune and narrowly lost to Karen Bass, a move that reshapes the 2026 field around Bass.