Chamath Palihapitiya

They're going to be better lawyered, all that kind of stuff, more likely to survive constitutional challenges.

The only reason why there is political opposition, I believe, to the BTA is because it was done by only one union, the SEIU-UHW.

This guy did it on his own.

And the loot, all the proceeds...

from this confiscation would go, almost all of it would go just to this one union or its causes.

So they didn't cut in the other unions on the loot.

They didn't wet the other union's beaks.

As a result of that, the other unions are actually against it.

And this is why Newsom and the other politicians feel relatively unconstrained in saying they're opposed to it.

And that's why I think that if we defeat this in 26, it doesn't mean it's dead for good.

It just means it's going to come back

in a new form in 28, but with much more broad-based union support.

All the unions are going to do it together.

So I just think this is inevitable.

And I think that for all the founders, and whether you're pre-exit, post-exit, or on your way to an exit, my advice would be that, to quote Maya Angelou, when a state shows you who they are, believe them the first time.

This is the direction of travel in California, and whether it's SEIU or whatever they do in 28, this is where it's going.

They'd love to see something.

Sax, you said something that resonated with me, which is the next versions of this will be better lawyered and more bulletproof.

I've had a team of people looking at this.

The thing that is the biggest weakness here is looking at the fact that this is a wholly new tax that is applied retroactively.