Rick Caruso, who was the runner-up to Karen Bass in the 2022 Los Angeles mayoral election, announced Friday that he would not be seeking office in the new year.
“Over the past year, I have reflected on how we can make Los Angeles and California stronger. I’ve listened to people across industries and communities, and it’s been an honor to hear their hopes and aspirations,” the Caruso founder stated on X. “I am deeply grateful to the countless people who encouraged me to run, and who generously shared their time and energy.”
“Throughout these conversations, two questions have guided my thinking: where I can make the greatest impact, and how a possible campaign for public office would affect my family,” he continued. “After much reflection and many heartfelt conversations with my family, I have decided not to pursue elected office at this time. It is a difficult decision, and I am deeply disappointed to step back from an election I believe is so critical to California’s future.”
The billionaire businessman’s decision comes ahead of the 2026 mayoral election, where the incumbent Bass will run for re-election. Bass defeated Caruso with roughly 510,000 to his roughly 420,000 (or, roughly 55% of the vote to his roughly 45%). Despite his loss, many speculated that he would make another run for mayor — or even try his hand in the upcoming gubernatorial race.
Angelenos will be familiar with several of the projects developed by Caruso through his company (also named Caruso, formerly Caruso Affiliated Holdings, LLC). These include Americana at Brand, The Commons at Calabasas, The Grove and Palisades Village. The former chair of the University of Southern California Board of Trustees has held several public positions, including commissioner for the Los Angeles Department of Water and Power and president of the Los Angeles Police Commission.
“Though my name will not be on a ballot, my work continues. I am immensely proud of what we are accomplishing through Steadfast LA supporting victims of the Palisades and Eaton fires, as well as through my company and family foundation’s efforts to strengthen communities in need,” Caruso continued on X. “These experiences reflect how I approach every challenge: by listening, collaborating and acting decisively to create lasting impact. I will carry that same commitment to the work ahead, building on the progress we’ve made together and tackling the challenges still before us.”
“Public service does not require a title. It is, and will always be, my calling,” he concluded. “I remain devoted to serving our communities in every way I can, just from a different seat.”
