Alex Ossola

Warner says the lawsuit has no merit.

And there's also AI news from Meta today, which says it's created a top initiative focused on getting the computing power it needs for AI.

The Facebook and Instagram parent also named a new president and vice chair, Dina Powell McCormick.

She's a Wall Street veteran and former Trump advisor, and she'll work on developing government partnerships for data centers around the world.

She'll report directly to Mark Zuckerberg.

Coming up, the group chat where Silicon Valley's elite are planning for a possible billionaire tax, plus President Trump weighs how to proceed with Iran.

That's after the break.

A proposed 5% tax on California billionaires' wealth has rattled some Silicon Valley titans.

They're complaining about the tax in a Signal chat called Save California.

I'm joined now by WSJ Enterprise reporter Emily Glazer.

Emily, some of the people in the chat are Andrewel co-founder Palmer Luckey, Trump administration crypto czar David Sachs, and Ripple co-founder Chris Larson.

That's a wide spectrum of politics here, but what are they saying in this group chat?

How common is this negative sentiment about this proposed tax among California's billionaires?

Like, are there people who say they're fine with it?

Why are these billionaires so mad?

Like, why do they feel the need to, as the name of the chat is, save California?

This billionaire tax is still a proposal.

It is not implemented.

Why is it causing concerns now?

So it sounds like they're not just venting to the group chat, which like honestly relatable there.