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Billionaire Warns: California's Wealth Tax Could Drive Out Rich

12/27/2025

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Summary

Story summary

Bill Ackman, billionaire hedge fund manager, warned that California's proposed wealth tax could drive wealthy residents out of California.
Governor Gavin Newsom opposes the measure, arguing it harms the economy.
Peter Thiel and Larry Page are reducing their ties to California because of the tax.
The initiative, backed by the Service Employees International Union, would levy a 5% tax on assets over $1 billion to fund state healthcare programs.

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Story summary

Bill Ackman, billionaire hedge fund manager, warned that California's proposed wealth tax could drive wealthy residents out of California.
Governor Gavin Newsom opposes the measure, arguing it harms the economy.
Peter Thiel and Larry Page are reducing their ties to California because of the tax.
The initiative, backed by the Service Employees International Union, would levy a 5% tax on assets over $1 billion to fund state healthcare programs.