Laura J. Nelson & Ben Glickman, Threat of California Billionaire Tax Draws Criticism From Ultrawealthy (Wall Street Journal, Jan. 1, 2026)

High-profile tech investors criticized a proposed tax on the ultrawealthy in California in the final hours of 2025, while some of the state’s big-name billionaires took steps to create distance between themselves and the Golden State.

A proposed ballot initiative from a California healthcare union would impose a one-time, 5% tax on the assets of those with net worths above $1 billion who lived in the state as of Thursday. The tax would apply to assets like stocks, artwork and intellectual property rights, rather than income, and billionaires would have five years to pay.

Bay Area investor Chamath Palihapitiya said on X Thursday that he knew of people “with a collective net worth” of $500 billion who “scrambled and left California for good” before the end of 2025.

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