California’s billionaire ‘exodus’ pushed $1T in wealth out, warns famed VC. Build wealth like the superrich, anywhere

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The menace of a caller billionaire taxation successful California has triggered a question of affluent residents heading for the exits. And according to famed task capitalist Chamath Palihapitiya, that exodus won’t dilatory down arsenic agelong arsenic the connection remains connected the array — with perchance terrible repercussions for everyone other who calls California home.

“More calls from friends. The full wealthiness that has near California is present $1T,” Palihapitiya wrote successful a caller station connected X (1).

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“We had $2T of billionaire wealthiness conscionable a fewer weeks ago. Now, 50% of that wealthiness has near — taking their income taxation revenue, income taxation revenue, existent property taxation gross and each their staffs (and their salaries and income taxes) with them.”

The projected billionaire wealthiness taxation is simply a ballot inaugural backed by the Service Employees International Union - United Healthcare Workers West (SEIU-UHW), which represents much than 120,000 wellness attraction workers and patients. If enacted, it would enforce a one-time 5% taxation connected the wealthiness of the state’s billionaires.

The measurement would use to assets including businesses, securities, art, collectibles and intelligence property, portion excluding existent property and definite pensions and status accounts.

According to the California lawyer general’s summary of the initiative, these wealthiness taxation revenues would “probably” adhd up to tens of billions of dollars dispersed implicit respective years (2).

Palihapitiya sees things precise differently. In his view, California’s finances volition worsen dramatically due to the fact that galore billionaires volition simply permission — taking taxation revenues and jobs with them.

“California billionaires were reliable taxation payers…. They were the sheep you could shear forever. Now California volition suffer this gross root FOREVER,” helium wrote, informing that the state’s fund shortage “will explode.”

“Unless this ballot inaugural is pulled, we volition not halt the billionaire exodus. With nary affluent radical near successful California, the mediate people volition person to ft the bill.”

With January 1, 2026 acceptable arsenic the cutoff day to debar a imaginable 5% wealthiness levy, respective high-profile billionaires person already made moves.