California Voters to Decide on Proposed Billionaire Tax

California voters will decide on a proposed statewide billionaire tax in November, triggering a debate among technology executives over whether the measure will drive startup founders out of the state.

Mark Cuban, entrepreneur and investor, argued that the tax would unfairly penalize founders who possess high net worths in illiquid stock but lack the cash to pay the levy. He claimed that if the measure passes, only idiot startup founders would remain in the state. This sentiment was echoed by Mainstreet.com founder Jesse Tinsley, who expressed a definite intent to move to Florida to avoid the tax, and Artisan cofounder Jaspar Carmichael-Jack, who stated he would seriously consider leaving in the medium term.

Other industry leaders disagree with the exodus narrative. Nvidia CEO Jensen Huang stated he is perfectly fine with the tax, noting his willingness to pay whatever taxes the state applies. Similarly, HiJenny founder Michal Cieplinski argued that founders are unlikely to leave as long as the Bay Area remains the primary center for engineering talent and the artificial intelligence boom.