Real estate billionaire Rick Caruso confirmed Friday that he will not seek public office in 2026, closing months of speculation about whether he would compete for either the California governorship or the Los Angeles mayoralty. The longtime business figure, who built some of Southern California’s most recognizable shopping destinations, said his focus remains on personal and philanthropic priorities.
In a written announcement, Caruso said that while public service is important to him, the timing is not right for another political campaign. “I will not be running for Governor or Mayor,” he stated, adding that his current commitments leave little room to pursue elected office.
Caruso, founder and chief executive of the Caruso development firm, previously mounted a high-profile bid for Los Angeles mayor in 2022. After switching his party registration from Republican to Democrat, he poured millions of dollars into the campaign but ultimately lost to Karen Bass. His financial resources and name recognition made him a closely watched prospect for the open statewide and citywide elections expected in 2026.
Political strategists had considered Caruso one of the few individuals with both the wealth and public profile to dramatically reshape the early dynamics of the races. California’s governor’s seat will be open due to term limits, and the Los Angeles mayor’s office will also be contested that year. With his withdrawal, analysts say the field becomes more unpredictable, particularly for Democrats seeking to consolidate support ahead of primary season.
Despite stepping back from electoral politics, Caruso emphasized that he intends to stay active on civic issues through private initiatives and charitable work. He also thanked supporters who encouraged him to pursue higher office, expressing appreciation for their confidence and urging continued engagement in public affairs.
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