Tech’s biggest names sunk a tax on billionaires’ wealth with $425m and a familiar playbook
California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up.
Key points
- The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion.
- Venture capitalist Ilya Sukhar posted: “God bless Sergey Brin.” And David Marcus, a crypto entrepreneur, simply wrote: “Hero.” Continue reading...
- “Huge thanks to Sergey Brin here,” wrote Garry Tan, the CEO of Y Combinator.
Proposition 40 targeted Californian billionaires with a 5% tax on their total wealth, including assets such as shares as well as income.
Additional details
- FRANCE 24's correspondent in Los Angeles Loic Pialat has more.
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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Every article behind this summary — 3 articles from 3 outlets
The Guardian BusinessNovember 10, 2026, 1:19 PM UTC →
France 24November 10, 2026, 11:20 AM UTC →
BBC BusinessNovember 10, 2026, 3:34 AM UTC →
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