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California's Wealth Tax Sparks Billionaire Backlash and Moves

1/25/2026

44 7 Full Breakdown

Summary

Story summary

California's proposed one-time 5% wealth tax to offset federal budget cuts faces sharp backlash from the state's billionaires and requires voter approval to proceed.
Larry Page, Google co-founder, and Sergey Brin have moved assets out of California.
Peter Thiel has donated $3 million against the proposal.
Jensen Huang, NVIDIA's CEO, plans to remain in California.

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Story summary

California's proposed one-time 5% wealth tax to offset federal budget cuts faces sharp backlash from the state's billionaires and requires voter approval to proceed.
Larry Page, Google co-founder, and Sergey Brin have moved assets out of California.
Peter Thiel has donated $3 million against the proposal.
Jensen Huang, NVIDIA's CEO, plans to remain in California.