Tech titans divided over whether to pay billionaire tax or flee California
AI Summary
A proposed California ballot measure to tax billionaires is creating division among tech leaders. The initiative, led by a labor union, would impose a one-time 5% tax on residents with over $1 billion in assets to fund state programs. While some, like Nvidia CEO Jensen Huang, are willing to pay, others, including Larry Page, Peter Thiel, and David Sacks, are considering leaving California for states with lower taxes. The tax would be retroactive to January 1st, and billionaires would have five years to pay. The proposal needs nearly 900,000 signatures to qualify for the November ballot and would also require the governor's signature, though Gavin Newsom has expressed opposition, citing concerns about competitiveness.
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