Meet the venture capital and crypto billionaires quietly bankrolling the fight against California’s wealth tax

First publishedAug 18, 07:00 UTC

Last updatedAug 19, 02:50 UTC · just now ago

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Fortune6California’s billionaires just poured $40 million into blocking a wealth tax that threatens to force them to pay 5% of their net worthAug 18, 07:00 UTCOpen ↗Fortune6Meet the venture capital and crypto billionaires quietly bankrolling the fight against California’s wealth taxAug 18, 18:42 UTCOpen ↗

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Silicon Valley made a fortune betting on disruption. Now some of the most recognizable names in venture capital and Big Tech are spending millions to disrupt California’s plan to tax them. Campaign finance records show Palantir cofounder Peter Thiel, crypto billionaire Chris Larsen, Google cofounder Sergey Brin, and longtime venture capitalist John Doerr donated to political action committees opposing Proposition 40, which would levy a one-time tax on billionaires equal to 5% of their wealth if passed. Thiel officially cut ties with California in 2025 ahead of the proposed wealth tax, and Brin has also reduced his official and financial ties to the state.

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  Meet the venture capital and crypto billionaires quietly bankrolling the fight against California’s wealth tax

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  FortuneAug 18, 18:42

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