Another Democratic candidate is State Controller Steve Westly, who made millions as an eBay executive.

NPR: Democratic Gubernatorial Hopefuls Struggle in California

Many in Sacramento, including Steve Westly, the state's financial controller, believe he has no choice.

ECONOMIST: Arnold Schwarzenegger

Unidentified Announcer: Joe Kerry(ph), he's a corrupt Chicago businessman who gave Steve Westly thousands in campaign contributions.

NPR: Democratic Gubernatorial Hopefuls Struggle in California

Also realizing Tesla IPO windfalls are the elite of Silicon Valley venture capital: the Westly Group (whose principal, Steve Westly, is an Obama campaign bundler), Draper Fisher Jurvetson, and VantagePoint Venture Partners.

WSJ: Review & Outlook: The Other Government Motors

Mr. STEVE WESTLY (Gubernatorial Candidate, California): My friends, when I started at eBay there were 22 people, and I said, You do not know this now, but we're about to change the world.

NPR: Democratic Gubernatorial Hopefuls Struggle in California

Steve Westly has been touring California by bus.

NPR: Democratic Gubernatorial Hopefuls Struggle in California

One recent morning, he touted his environmental record on a bluff overlooking the ocean in Santa Monica, but also made sure the few dozen supporters there, knew he was the one who'd opposed Arnold Schwarzenegger's agenda back when State Controller Steve Westly was helping the Governor.

NPR: Democratic Gubernatorial Hopefuls Struggle in California