In a statement, Kounalakis said she has decided to run for state treasurer instead.
She added, "As State Treasurer, I will bring a deep commitment to fiscal responsibility, economic opportunity and strategic investment in our state's priorities."
I remain as committed as ever to serving the people of California and ensuring that our state continues to lead the nation. pic.twitter.com/p9OBZYIoxm
— Eleni Kounalakis (@EleniForCA) August 8, 2025Kounalakis' announcement comes one week after former Vice President Kamala Harris announced she would not run for California governor, following months of speculation of a potential run after losing last year's presidential election.
On the Democratic side, declared candidates include former Secretary of health and Human Services and former California Attorney General Xavier Becerra, former Rep. Katie Porter, State Superintendent of Public Instruction Tony Thurmond and former Los Angeles Mayor Antonio Villaraigosa.
Kounalakis previously served as the United States Ambassador to Hungary from 2010 to 2013. Before entering government, Kounalakis headed Sacramento-based real estate company AKT Development.
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