Emily Glazer

Well, our reporting shows that a number of people are pretty agitated.

We're aware of dozens of billionaires that were in this signal chat called Save California.

And they were complaining about the proposed tax.

They were trying to suggest alternatives.

And in some cases, they were sharing efforts to weaken their ties to California.

There are.

One of the most public examples is Jensen Wang, the NVIDIA CEO, who recently said that he supported it.

But the Wall Street Journal reported that Larry Page has been buying up properties in Florida and his Google co-founder, Sergey Brin, is in talks on a property in Florida.

So we're seeing a range.

Some of them are frustrated with how California is being run.

They feel that California should first root out fraud and waste before they look for new sources of funds.

There's a sense that if California won't do what it needs for them, they're gonna move elsewhere.

So the proposal needs about 875,000 signatures to get on the ballot in November.

And then it would need a simple majority to pass.

It would retroactively apply to billionaires who are residents of the state of California on January 1st, 2026.

So that is why we saw some billionaires like Peter Thiel or Larry Page or David Sachs even make announcements prior to January 1 establishing residency or their offices of certain companies elsewhere.

That's true.

And I would say they're still doing things about it.

There are some ideas that have been floated by billionaires and conveyed to labor leaders.

Our reporting shows that includes giving the government illiquid stock for around 10 years as a no or low interest loan, taxing the loans on assets or applying the tax to stock that is already public.