Topline
Billionaire Rick Jackson defeated heavily favored Lt. Gov. Burt Jones in Tuesday’s Republican gubernatorial runoff in Georgia after spending more than $100 million on his own campaign, breaking state records.
Key Facts
Jackson held 53% of votes when the Associated Press called the race, while Jones had 47%.
The contest went to a runoff after no candidate received a majority of votes in the May primary—Jones won 38% and Jackson won 34%.
Jones, backed by Trump, won a last-minute endorsement from Republican Gov. Brian Kemp over the weekend.
Jones was the favorite heading into the runoff, with Kalshi showing odds of winning at roughly 70% around the time polls closed Tuesday.
Jackson faces Democratic nominee, former Atlanta Mayor Keisha Lance Bottoms, in the general election.
The general election is expected to be a close race, as Democrats have made inroads in the state in recent years, despite Georgia not having elected a Democrat for governor since 1998.
Forbes Valuation
We estimate Jackson is worth at least $1 billion.
Tangent
Jackson is the second billionaire to run in a high-profile gubernatorial contest this primary season. Billionaire Tom Steyer, a Democrat, earlier this month fell short of making the gubernatorial runoff in California after spending more than $200 million of his own fortune on the race.
What To Watch For
Billionaire and former GOP presidential candidate Vivek Ramaswamy won the Ohio GOP gubernatorial primary in May. He will face Democrat Amy Acton in the general election. The race is expected to be highly competitive.
Key Background
Jackson, 72, is a political newcomer who heads Jackson Healthcare medical conglomerate, one of the largest private companies in the U.S. He touts a rags-to-riches story after growing up in foster care and starting his business by buying a two-person staffing company, then a small physician recruiting firm that became Jackson Healthcare. Jones has campaigned against Jackson by highlighting the millions he’s spent on his campaign, accusing him of buying votes, while Jackson, in turn, has accused special interest groups of buying Jones.