Billionaires Push Pick for Governor After Swalwell Scandal (3)

California billionaires are stepping up their efforts to boost San Jose Mayor Matt Mahan in the race for state governor, rushing into the vacuum left by Eric Swalwell’s abrupt exit amid allegations of sexual assault.

Donors including real estate magnate Rick Caruso, Netflix co-founder Reed Hastings and venture capitalist Michael Moritz are pouring millions into Mahan’s campaign in a last-ditch effort to revive his struggling bid. Swalwell had held a slim lead in opinion polls over a crowded field of Democrats while Mahan, a darling of Silicon Valley, was languishing in the single digits.

“The race has bust ...