Self-funded billionaire David Trone shows personal wealth is no guarantee of electoral success

Billionaires can buy television ads, consultants, and campaign infrastructure. What they can’t buy is votes.

That’s the lesson Maryland congressional candidate David Trone learned Tuesday night after dumping millions of his own dollars into a losing race.

Trone is part of a growing list of wealthy candidates who discovered that personal wealth is no guarantee of political success. The former Total Wine & More executive largely financed his own campaign, loaning it approximately $25 million in five separate installments while raising comparatively little from outside donors. Two years earlier, he poured more than $60 million into an unsuccessful Senate bid, ultimately losing to Sen. Angela Alsobrooks (D-MD), who spent roughly a tenth as much on her campaign.

Rep. David Trone, third from left, a Democrat running for U.S. Senate, speaks to supporters, conceding the primary race to his opponent, Angela Alsobrooks, Tuesday, May 14, 2024, in Baltimore. Standing with Trone are his son Rob, left, wife, June, second from left, and daughter Michelle. (AP Photo/Steve Ruark)

" data-large-file="https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg?w=696" src="https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg" alt="Rep. David Trone." class="wp-image-4623372" srcset="https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg 1024w, https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg?resize=300,202 300w, https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg?resize=768,518 768w, https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg?resize=150,101 150w, https://www.washingtonexaminer.com/wp-content/uploads/2026/06/AP24136119896158.jpg?resize=696,469 696w" sizes="(max-width: 1024px) 100vw, 1024px">Rep. David Trone, third from left, a Democrat, speaks to supporters, conceding the primary race to his opponent, Angela Alsobrooks, Tuesday, May 14, 2024, in Baltimore. Standing with Trone are his son Rob, left, wife, June, second from left, and daughter Michelle. Trone lost his bid for a House seat on Tuesday, June 23, 2026. (Steve Ruark/AP Photo)

His defeat to Rep. April Delaney (D-MD) in the Democratic primary for Maryland’s 6th Congressional District was one of the most expensive congressional primary races in recent history, and adds another chapter to a recurring political phenomenon, wealthy candidates spending enormous sums only to come up short at the ballot box.

Trone’s loss places him alongside a roster of billionaire hopefuls whose fortunes failed to translate into electoral victory. Former New York City Mayor Michael Bloomberg spent more than $1 billion on his 2020 presidential campaign before dropping out after winning only American Samoa. California billionaire Tom Steyer invested heavily in his 2020 presidential bid and later spent $216 million on an unsuccessful run for governor of California. More than a decade earlier, former eBay CEO Meg Whitman spent a record-setting $144 million of her own money in pursuit of California’s governorship. She won the Republican nomination but lost in the general election.

Education Secretary Linda McMahon, a former WWE executive, spent roughly $100 million of her personal fortune on unsuccessful Senate bids in Connecticut in 2010 and 2012. While her spending helped propel her through Republican primaries, she lost both general elections by wide margins.

Then there was Ross Perot. The late Texas billionaire mounted one of the strongest third-party presidential campaigns in modern history, spending about $65 million of his own money and winning nearly 19% of the popular vote. Even that was not enough to secure a single electoral vote.

Political strategists say self-funded campaigns often struggle despite seemingly unlimited resources. While money can boost name recognition and blanket the airwaves with advertising, it cannot easily manufacture grassroots enthusiasm, political authenticity, or a compelling message. In some cases, heavy self-funding may even reinforce voter concerns that a candidate is attempting to buy office.

“I have run campaigns against and on behalf of wealthy, self-funding candidates, in governor’s races and a U.S. Senate race, so I’ve seen the matter up close from both perspectives,” California-based political expert Garry South told the Washington Examiner.

South argued that fundraising serves a purpose beyond financing a campaign because it helps candidates build a network of supporters who feel personally invested in their success.

“Fundraising in a campaign is no fun, but developing a fundraising base is part of building a core of committed supporters around the state who feel they have a stake in the candidate,” he said. “Rich candidates completely miss this step, and they usually pay a price for it.”

He added that voters may question whether billionaire candidates understand the financial pressures facing ordinary families, from mortgage payments and medical bills to college tuition.

“At the end of the day, they just aren’t relatable to the average voter,” he said.

Tiffany Raspberry, a political strategist and former deputy mayor of New York City, said money may help launch a campaign but rarely determines its outcome.

“That was a soundbite insurgents started using to attack incumbents, and anyone who believes it doesn’t really understand politics,” she told the Washington Examiner. “Elections have always been expensive. Well-known candidates with name recognition and a track record have always been able to raise money, because special interests seek out the people most likely to win. In my experience, money tends to follow the winning candidates and hardly ever determines who wins.”

She added that wealthy political hopefuls should take note.

“Without a strong foundation, money is likely worthless,” she said.

Voters have also grown increasingly skeptical of billionaires and, by extension, self-funded candidates. Concerns about inflation, housing costs, and affordability have fueled frustration with wealthy elites, making it harder for candidates to convert personal fortunes into political support.

A June 2026 YouGov poll found that 62% of voters believe billionaires should have less power, while 80% said billionaires wield too much influence in politics. In California, progressive groups and labor unions have backed proposals to impose taxes specifically on billionaires.

That does not mean wealthy candidates are doomed to fail, Jeff Le, managing principal at 100 Mile Strategies in Washington, D.C., told the Washington Examiner.

“Not all self-funded races are equal,” Le said, adding that running for president or governor is very different from running in a congressional district or major city. In smaller races, voters may be more receptive to candidates who emphasize business experience, managerial competence, or a record of delivering services.

Bloomberg, when he ran for mayor of New York City, and former Republican North Dakota Gov. Doug Burgum are examples of wealthy candidates who successfully marketed themselves as executives capable of solving problems. At the same time, the political environment has become increasingly polarized, making it more difficult for wealthy candidates to win simply by presenting themselves as successful business leaders. Candidates whose wealth aligns with a broader political movement often fare better.

Illinois Gov. JB Pritzker (D-IL), for example, has paired his fortune with progressive politics and used his resources to support Democratic candidates and causes beyond his own campaigns, Le said.

Not every billionaire has been able to replicate that success. Steyer spent hundreds of millions of dollars pursuing political office but failed to reach the general election in California’s governor’s race.

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The lessons from Maryland’s 6th Congressional District may be more straightforward. The race between Trone and Delaney became intensely personal, with both sides spending tens of millions of dollars on attack ads. Trone was also attempting a political comeback after an unsuccessful Senate bid that left the House seat open in the first place.

“Alliances change, politics is brutish, and an elected platform is temporary and fleeting,” Le added. “Hang on where you can because money could still not be enough to defeat the power of incumbency.”