Voters in California have rejected a measure to impose a one-time 5% wealth tax on residents with a net worth of over $1 billion.
California voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.
Technology
California's billionaire wealth tax, Proposition 40, looks like a close call based on recent polls. Here is what to know before Election Day on Nov. 3.
Technology
It said in a filing that Zuckerberg “was evaluating relocating his primary residence” if California’s Proposition 40 passes. As Bloomberg reports, Meta’s board issued special shares so that he wouldn’t have to leave: > Zuckerberg gets non-voting shares he can sell for liquidity without reducing his voting control. In return, he has committed to remain in California — or wherever Meta is headquartered — for eight years while he remains in a full-time leadership role.
Technology
According to The Guardian, the campaign they’re funding is spending over $1 million per day trying to defeat Proposition 40, which would enact a one-time 5 percent tax on California’s billionaires. Google co-founder Sergey Brin is reportedly the biggest donor, contributing at least $102 million, alongside other tech executives: > The donors to the no campaign are a who’s who of Silicon Valley, including the Palantir co-founder Peter Thiel, former Google CEO Eric Schmidt, DoorDash CEO Tony Xu, Stripe CEO Patrick Collison, crypto magnate Chris Larsen and several prominent venture capitalists.