Silicon Valley donors have pressed Democrat Matt Mahan to raise $35 million by April 17, promising refunds if the target falls short. The strategy relies on an escrow account, with early contributions totalling $13.5 million and $5 million pledged.

Campaign fixer David Crane reports the plan aims to give Mahan a competitive edge in a crowded field that includes Eric Swalwell, Katie Porter, and billionaire Tom Steyer, who has already poured $112 million into his own bid.

The escrow tactic could shield donors from immediate disclosure, deferring public reporting until the goal is met. Critics label the move a “creative cloaking device,” raising questions about transparency and compliance.

Mahan’s current fundraising, around $12 million, lags behind rivals, and the high‑stakes appeal signals Silicon Valley’s uneasy confidence in his viability as governor.