Netflix co-founder Reed Hastings has furiously denied claims he abandoned Matt Mahan after a mysterious $1 million contribution to a pro-Mahan super PAC was abruptly returned just days later.
“I’m voting for Matt Mahan. I didn’t ask for any refund and they shouldn’t have done it. Go Matt,” Hastings said on X after questions swirled over the unusual financial reversal.
The clarification comes after campaign finance disclosures showed he donated $1 million on May 15 to the independent expenditure committee “California Back to Basics Supporting Matt Mahan for Governor 2026,” only for the money to be sent back five days later.
The refund sparked speculation that one of California’s most influential Democratic megadonors was fleeing from Mahan’s struggling gubernatorial bid just weeks before the June 2 primary election.
The San Jose mayor entered the crowded race earlier this year, attempting to position himself as a moderate, tech-friendly Democrat capable of appealing to business leaders and centrist voters.
But despite support from Silicon Valley heavyweights, Mahan has struggled to gain traction in polling and prediction markets.
Sources close to the pro-Mahan operation previously told The California Post the refunded money was tied to a broader fundraising push that ultimately fell apart, leading organizers to return Hastings’ contribution.
Another committee supporting Mahan, Deliver for California, has reportedly ceased operations entirely.
Political observers had interpreted the returned donation as a major warning sign for the campaign, especially as wealthy donors and tech executives increasingly appear to be consolidating around other candidates in the race.
One consultant familiar with statewide Democratic politics described Mahan’s campaign as financially strained at the exact moment voters are beginning to tune into the contest.
Hastings, meanwhile, remains one of California’s most powerful political donors. The Netflix billionaire has spent tens of millions of dollars on Democratic causes, charter school initiatives and housing campaigns over the years.
He has also emerged as an outspoken supporter of Gavin Newsom and publicly floated the governor as a potential Democratic presidential contender in 2028.
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