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Billionaires Flee California Over Proposed Wealth Tax

3/17/2026

23 3 Full Breakdown

Summary

Story summary

Six billionaires have reportedly left California to avoid a proposed 5% wealth tax, potentially costing the initiative $27 billion in projected revenue, including Google founders Larry Page and Sergey Brin, and former Uber CEO Travis Kalanick.
Governor Gavin Newsom opposes the tax, citing concerns for the tech industry.
Billionaires are mobilizing against the tax, with Building a Better California proposing countermeasures.

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Story summary

Six billionaires have reportedly left California to avoid a proposed 5% wealth tax, potentially costing the initiative $27 billion in projected revenue, including Google founders Larry Page and Sergey Brin, and former Uber CEO Travis Kalanick.
Governor Gavin Newsom opposes the tax, citing concerns for the tech industry.
Billionaires are mobilizing against the tax, with Building a Better California proposing countermeasures.