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California’s billionaire tax divides Silicon Valley’s elite ahead of 2026 vote

Tech titans like Larry Page are abandoning California over a new tax. Will the state’s bold gamble to fund public services backfire or reshape its future?

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1 min read
This image is clicked in the city. At the bottom, there is a road, on which there are cars. To the...
This image is clicked in the city. At the bottom, there is a road, on which there are cars. To the left and right, there are buildings and skyscrapers. At the top, there is a sky.

Nvidia CEO: Will Stay in California Despite Millionaire Tax - California’s billionaire tax divides Silicon Valley’s elite ahead of 2026 vote

A proposed billionaire tax in California is causing a split in Silicon Valley. The plan would impose a one-time five percent levy on the state’s wealthiest residents, including those in California like Nvidia’s Jensen Huang, to fund healthcare and education. Some tech leaders have already left, while others intend to stay. The tax would target billionaires who lived in California as of January 1. If approved by voters in November 2026, it could raise billions for public services. Supporters argue the funds would help close gaps in education and healthcare. Several high-profile figures have already relocated, including Elon Musk who moved to Texas years ago, Peter Thiel who shifted his financial firm to Florida, and David Sacks who settled in Austin. More recently, Google co-founder Larry Page, the world’s second-richest person with $270 billion, reportedly plans to leave. His family office has already moved to Delaware. Yet not everyone is leaving. Nvidia CEO Jensen Huang, ranked ninth-richest globally with $155 billion, has stated he will remain in California. His decision contrasts with others who have chosen to exit rather than face the potential tax. A signature campaign is now gathering support to place the measure on the 2026 ballot. The outcome could reshape the state’s economic landscape and influence where tech leaders choose to live. The proposed tax has already triggered departures among some of California’s wealthiest residents. Those who stay, like Huang, will face a significant one-time payment if the measure passes. The final decision rests with voters in two years.

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