UPDATE: A group of wealthy tech executives is taking a stand against California’s proposed wealth tax, known as the California Billionaire Tax Act, which would impose a 5% tax on the net worth of billionaires over five years. This controversial proposal, if passed by voters in 2024, has already sparked fierce backlash among some of the state’s richest individuals.
On Saturday night, tech moguls, including pro-Trump billionaire Peter Thiel, began “openly conspiring” against Democratic lawmaker Ro Khanna, a prominent supporter of the tax. The proposal has prompted discussions of possible political retaliation, with some billionaires contemplating leaving California.
“Wealthy entrepreneurs Martin Casado and Garry Tan took to social media platform X to express their disdain for Khanna,” noted political commentators. Casado went so far as to label Khanna “an obnoxious jerk,” urging his followers to consider voting him out of office. “At least that makes voting him the f— out all the more gratifying,” he wrote.
Tan echoed Casado’s sentiments, tweeting, “Time to primary him,” to which Casado replied, “Count me in. Happy to be involved at any level.” Such public discussions among tech elites about leveraging their wealth and influence to impact elections have raised eyebrows across the political spectrum.
Political commentator Krystal Ball criticized the duo, stating, “Tech oligarchs are now openly conspiring against Ro Khanna because he dared to back a modest wealth tax.” The backlash highlights a growing divide between affluent tech entrepreneurs and public policy aimed at wealth distribution.
Tan, whose net worth is estimated at $300 million, has previously condemned the proposed wealth tax on various occasions, arguing that addressing “corruption” should take precedence before any tax increases on the wealthy. “When will we have a strong governor in Sacramento who brings the true anti-corruption fire?” Tan questioned.
Casado, who co-founded the tech company Nicira, which sold for $1.26 billion in 2012, has also voiced his opposition to the wealth tax. Their wealth and influence position them uniquely to shape the political landscape in California, raising questions about the role of money in politics.
As the situation develops, the implications of this wealthy coalition’s actions could have significant repercussions for the upcoming 2024 election cycle in California. With tensions rising and discussions of primary challenges heating up, all eyes will be on Khanna and the billionaire class’s response to this proposed tax.
Authorities and political analysts urge voters to stay informed as this battle unfolds, focusing on how it may influence not only California’s tax policies but also the broader national conversation about wealth inequality and political influence.
Stay tuned for the latest updates on this unfolding story as wealthy tech moguls and lawmakers clash over taxation and representation in the Golden State.
