Reed Hastings claws back $1 million after backing Matt Mahan

Netflix co-founder Reed Hastings appears to be back to scrolling on candidates in the California governor’s race.

A newly filed report for the committee “California Back to Basics Supporting Matt Mahan for Governor 2026” shows Hastings contributed $1 million to the pro-Mahan independent expenditure committee on May 15 — only to then have the money returned five days later on Wednesday.

The disclosure could mark a significant retreat from Mahan, who has been attempting to position himself as a pragmatic, tech-friendly Democrat in the crowded 2026 governor’s race.

The San Jose mayor has attracted support from moderate Democrats and tech titans since his late entry to the race in January, but he has gained little ground and remains stuck in sixth, according to oddsmakers. 

Only the two finalists in the June 2 primary election will advance to the November runoff.

The filing does not explain why the contribution was refunded, and it remains unclear whether Hastings — who could not be reached for comment — personally requested the money back or whether the committee returned it voluntarily.

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However, a California political consultant told The Post that signs have been building that support for Mahan is drying up.

“From day one, Mahan was the pray mouse of the billionaires,” the source said. “He was running this not like a political campaign but a tech startup. At precisely the time voters finally started paying attention, he was out of money.”

Officials connected to the committee supporting Mahan did not immediately respond to a request for comment.

The billionaire Hastings is one of California’s wealthiest political donors, pouring millions into charter school campaigns, housing initiatives and Democratic causes. 

He also has become an early and bullish supporter of Gavin Newsom’s potential run for president in 2028, calling the California governor the best person to unify Democrats and beat a Republican successor to President Donald Trump.

“Gavin is the candidate who can motivate both the left and the center,” Hastings recently told the LA Times.

Hastings’ comments are likely to serve as an indicator of where the big money could be going after Newsom terms out of office in January 2027.

As for Mahan, the opposite could be true. As one person pointed out online, big tech money — $1 million from Airbnb and $950,000 from Meta — now seems to be flowing in the direction of Democratic frontrunner Xavier Becerra, a former Biden cabinet member and former California attorney general.