On Tuesday, California held its gubernatorial primary election.

Two days later, we still don’t have final results, but if the trends hold, it looks like Republican Steve Hilton and Democrat Xavier Becerra will be the candidates headed to the general election.

This is in spite of the fact that the #3 finisher, billionaire Tom Steyer, spent an estimated $216 million of his own money to finance his campaign—record spending for a primary.

Steyer is not the only billionaire to spend big on a political race in California and lose. Meg Whitman spent nearly $145 million in 2010, Steve Westly $35 million in 2006, and Steve Poizner, $24 million in 2010—all in failed attempts to be governor.

If California were an independent political entity, it would have the 4th largest economy in the world. It is a state that has both urban and rural economies, and has been a leader in tech innovation while struggling with the largest homeless population in the country.

For the last six months, it’s been nearly impossible to escape a Steyer ad. Over that time, he promised to cut the price of both gas and electricity, solve homelessness, reform taxes, education, and immigration, and solve the climate issues as well (I’m surprised he didn’t promise he’d make us all young and beautiful too).

But managing a $4.3 billion economy is a complex endeavor. It was never clear exactly how someone with no governmental experience would go about making such drastic changes without breaking the goose that lays the golden egg.

Will either of the two top candidates improve California’s condition and address the state’s key issues? It remains to be seen. But once again, California voters proved it takes more than being the richest guy in the world to get the keys to the governor’s mansion in Sacramento.

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