Rick Caruso spent over $100m in loss to Karen Bass

Businessman Rick Caruso may have spent more than $100 million in his campaign to become the next mayor of Los Angeles, but admitted defeat to Democratic Representative Karen Bass last night.

Caruso, a former Republican, conceded the race to Bass on Wednesday and The Associated Press called the election for the Democrat, who becomes the first woman ever elected to lead the California city.

Bass was outspent by around 11 to 1,with her billionaire opponent breaking local campaign spending records.

Figures from the Los Angeles City Ethics Commission show that Caruso spent $104,848,887.43 on the mayor’s race through November 2, while Bass spent $9,060,958.59.

That spending includes both the primary and general elections. Local elections in California are non-partisan, meaning Bass and Caruso advanced from an open primary.

Those figures also showed that Bass had $772,707.77 cash on hand, while Caruso had $335,933.10.

Caruso’s mayoral bid is similar to former New York Mayor Michael Bloomberg‘s successful campaign for a third term. In 2009, Bloomberg, who is a billionaire, spent $102 million of his own money to secure re-election, up from $85 million in his 2005 campaign and $74 million in 2001.

Caruso, a property developer, accelerated spending in the weeks leading into the end of the campaign. According to financial disclosures covering September 25 to October 22 the campaign spent around $1 million a day during that 28-day period.

His total spending had already surpassed $92 million in late October—a record-breaking figure. Caruso launched his bid for mayor in February and the vast majority of his campaign spending was his own money.

Despite the Caruso campaign breaking local spending records, Bass has emerged victorious. With 75 percent of expected votes in, the Democrat had 53.1 percent to Caruso’s 46.9 percent.

“I’m proud of the work we did to engage long-neglected communities, giving a voice to the unheard, and to the light we shined on the biggest challenges facing our great city,” Caruso said in his statement conceding the race.

“There will be more to come from the movement we built, but for now, as a city we need to unite around Mayor-elect Bass and give her the support she needs to tackle the many issues we face. Congratulations, Karen, and God-speed,” he said.

Newsweek has asked the Caruso campaign for comment.

Bass will become the second Black person elected to serve as mayor of Los Angeles. She has served in the House of Representatives since 2011 and was chair of the Congressional Black Caucus (CBC) from 2019 to 2021.

“The people of Los Angeles have sent a clear message: it is time for change and it is time for urgency,” Bass said in a statement on Wednesday.

Bass will succeed Los Angeles Mayor Eric Garcetti, who has led the city since 2013 but was ineligible to run again due to term limits.