Silicon Valley’s richest outspent supporters more than 10 to one to kill California’s billionaire tax—and won
California voters rejected a proposed tax on the state’s billionaires after some of Silicon Valley’s wealthiest executives and investors spent $378.4 million to defeat it—delivering a victory to a coalition led by Google cofounder Sergey Brin.
Key points
- That amount is more than 10 times the $33.5 million raised by supporters of Proposition 40.
- The contributions made Brin one of the most consequential financial players in California’s 2026 ballot-measure fight.
- It also represents a significant win for the Silicon Valley executives who have come together to block the measure.
The initiative was introduced by Service Employees International Union-United Healthcare Workers West, which argued that California needed additional revenue to address healthcare funding shortfalls following federal spending reductions under President Donald Trump’s tax and spending legislation.
Additional details
- Nancy Pelosi, a member of the local party, voted “no endorsement.” “Here is what I support: A national billionaires’ tax,” Newsom wrote in a post on Substack in June.
- According to CalMatters, ultrawealthy opponents collectively contributed $378.4 million to efforts opposing the tax and related countermeasures like Props 41 and 42.
- The proposed tax covered financial assets and other forms of wealth, rather than just income.
- Other prominent tech executives and investors also contributed millions, including DoorDash CEO Tony Xu, Stripe cofounder Patrick Collison, venture capitalist John Doerr, cryptocurrency entrepreneur Chris Larsen and former Sequoia Capital….
- He relocated to Nevada in December 2025—making his fortune, estimated at $231 billion by Bloomberg, potentially exempt from the tax.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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