Key facts
- California voters will decide on a proposed one-time 5% wealth tax for residents with assets over $1 billion.
- Tech billionaires have collectively donated over $120 million to oppose the proposed tax.
- Google co-founder Sergey Brin has donated $82 million to the opposition group 'Building a Better California'.
- Kleiner Perkins chairman John Doerr has donated $10 million to the same group.
- Ripple executive chairman Chris Larsen has donated $7.5 million across two opposition groups.
- Venture capitalist Michael Moritz has donated $7.5 million to 'Building a Better California'.
California's proposed one-time 5% wealth tax, slated for a November vote, faces significant opposition from the state's tech elite. Google co-founder Sergey Brin has emerged as the largest financial backer against the measure, donating $82 million through the political committee 'Building a Better California.'
Other prominent figures in the tech industry have also contributed substantial amounts. Kleiner Perkins chairman John Doerr has donated $10 million to the same opposition group, while venture capitalist Michael Moritz has given $7.5 million. Ripple executive chairman Chris Larsen has contributed $2.5 million to 'Building a Better California' and an additional $5 million to a separate group, 'Golden State Promise,' which Ripple itself has also funded with $5 million.
In total, opponents of the tax have raised over $120 million. This contrasts with the approximately $31 million raised by SEIU-UHW, a healthcare workers union and the tax's primary proponent. The proposed tax targets state residents and trusts with assets exceeding $1 billion.