Netflix CEO gives $3M to beat Newsom recall
(From Axiom Strategies)
Netflix founder and co-CEO Reed Hastings is spending $3 million to shield Gov. Gavin Newsom from a recall vote in a demonstration of the enormous sums Newsom's allies could marshal in his defense, according to a state filing today. The massive outlay makes Hastings by far the largest donor to Newsom's recall campaign. Under California rules, Newsom can raise unlimited sums to fend off a recall effort that will likely land before voters in the fall, while other gubernatorial candidates are subject to campaign limits of $32,400 per election in their direct accounts. That's because the law treats Newsom's fight against the recall as a ballot issue rather than a candidacy. That lack of limits, combined with California's overwhelmingly Democratic lean, has had Newsom allies and Republican rivals predicting the Democratic governor would eclipse the field in fundraising. The money from Hastings demonstrates that Newsom can tap into a formidable fundraising network that includes the tech industry, where Newsom retains deep ties reaching back to his days as mayor of San Francisco. While Hastings' millions represent the largest single donation to date, Newsom has also drawn six-figure outlays from a range of prominent individuals and industries that include agricultural power couple Stewart and Lynda Resnick, 49ers CEO Jed York, law firms and labor unions.