“In an industry town that has grown increasingly divided over politics, the proposal to tax 5% of California billionaires' wealth has united Silicon Valley titans.
They are airing their grievances in an active Signal chat called, "Save California." The chat includes dozens of tech elite, including Anduril co-founder Palmer Luckey, Trump administration crypto czar David Sacks, and Ripple co-founder Chris Larsen, a big Kamala Harris donor. The participants have sounded off against the tax, suggested alternatives and, in some cases, shared about their efforts to weaken their ties to California.
Messages in the online cocoon have lambasted the proposal as "communism" and "poorly defined" because it would lead to tech founders and their companies exiting from California and a weakened Silicon Valley. Others have focused on their love for California and on how the state can create economic growth and jobs or, in the words of one message to the group chat, be "pro-prosperity for all."
Participants have said California should first focus on rooting out fraud and waste before searching for new sources of funds. Some have pointed to social-media posts by Bill Ackman, the billionaire hedge-fund manager based in New York, suggesting the closure of a tax loophole the ultrawealthy sometimes use as a better alternative for raising revenue.
Some Golden State billionaires have already taken steps to create more distance. Peter Thiel's private investment firm Thiel Capital, which has been largely based in Los Angeles, said it signed a lease for office space in Miami.
Garry Tan, chief executive of startup incubator Y Combinator, in late December posted on X, "We would have to consider Austin or Cambridge programs if this [wealth tax] were to pass the ballot."
The proposed ballot initiative that has kicked off billionaire agita was introduced by the Service Employees International Union-United Healthcare Workers West in October. It calls for a one-time 5% tax on the assets of individuals with a net worth of more than $1 billion.
The proposal would tax an individual's holdings around the world, including stock in public and private companies and assets like artwork.
The proposal needs about 875,000 signatures to get on the November ballot, where it would need a simple majority to pass.” [1]
1. U.S. News: Billionaires Tax Is Topic of Group Chat. Glazer, Emily; Chung, Juliet. Wall Street Journal, Eastern edition; New York, N.Y.. 12 Jan 2026: A2.
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