Gavin Newsom

It's already had, I think, a very negative impact on the state and it's a badly drafted initiative.

Again, that literally takes teachers,

and takes our educational system out of any consideration of support and impacts all the parts of our general fund.

It is a flawed initiative.

What's your... Well, California's population, three years in a row, continues to grow.

And so does our footprint as it relates to more Fortune 500 companies than we've had in over...

two decades.

And our innovation ecosystem and startup ecosystem is second to none.

We have half of the country's unicorns in our state.

The largest market cap private sector company, OpenAI, just headquartered in San Francisco.

They could have chosen any other state in the country.

Look, I don't begrudge other people's success.

I've never been that kind of Democrat.

But I also recognize in a world, businesses can't thrive in a world that's failing.

10% of the wealth is concentrated, or rather two-thirds of the wealth in the United States is concentrated in the hands of just 10%, 10% of our consumer spending.

The imbalance, I mean, it was Plutarch who said it to the Athenians 2,000 years ago, the imbalance between the rich and the poor is the oldest and most fatal ailment of all republics.

Fast forward today.

So this concentration, it's a very real issue.

And we're going to have to address that.

But we have to address it, I think, very thoughtfully and systemically.