Tech Moguls Pour $333M Into Campaign Against California Wealth Tax
WHO:
New York Post - Minecraft creator Markus “Notch” Persson listed his Beverly Hills mansion for sale; listing agent Aaron Kirman said Persson was not spending much time in Los Angeles and “is committed to selling.”
POLITICO.eu - Google co-founder Sergey Brin was described as the opposition campaign’s largest financial backer.
POLITICO.eu - Other major contributors included former Google CEO Eric Schmidt, venture capitalist John Doerr, Stripe CEO Patrick Collison and crypto executive Chris Larsen.
POLITICO.eu - Frank Slootman, Snowflake’s billionaire board chair and former CEO, donated $5 million to an anti-Prop 40 group.
POLITICO.eu - Tom Steyer was identified as a rare billionaire who endorsed Prop 40 and bankrolled his own unsuccessful gubernatorial campaign.
Techmeme (New York Times) - Patrick Collison contributed $33 million to the effort, described as his most serious campaign engagement yet.
POLITICO.eu - At least 30 California billionaires contributed to opposition spending; most made their fortunes in technology, while others came from agriculture and real estate. Contributors ranged politically from established Democratic megadonors to Republican allies and first-time donors.
WHAT:
Los Angeles Times - A UC Berkeley Institute of Governmental Studies/Los Angeles Times poll found 50% of likely voters opposed Proposition 40 and 42% supported it; opposition had increased across virtually all major voter groups, according to poll director Mark DiCamillo.
Los Angeles Times - The poll found 38% supported Proposition 41 and 47% opposed it; 43% supported Proposition 42 and 45% opposed it. Among voters aware that Propositions 41 and 42 were designed to nullify Proposition 40, opposition was significantly greater.
New York Post - Persson is asking $70 million for his approximately 22,300-square-foot Trousdale Estates home, the same amount he paid for it; the property has eight bedrooms, 15 bathrooms and two swimming pools.
New York Post - The Beverly Hills home includes a recording studio and private nightclub Persson added, as well as a candy room, wine cellar, movie theater and car lift.
Los Angeles Times - Nearly $368 million was contributed to efforts opposing Proposition 40, compared with $36 million donated to support it.
Los Angeles Times - Proposition 40 would impose a one-time 5% tax on the assets of billionaires who resided in California as of Jan. 1, with some exceptions; proceeds would help fund healthcare programs.
Los Angeles Times - A Public Policy Institute of California poll found 52% of likely voters opposed Proposition 40 and 46% supported it.
Los Angeles Times - Among likely voters, nearly two-thirds of Democrats supported Proposition 40, while more than a quarter opposed it; six in 10 voters aged 65 or older opposed it, while more than two-thirds of voters under 30 supported it.
Los Angeles Times - Proposition 43 would restrict certain new local special taxes unless approved by two-thirds of voters; 46% of likely voters opposed it and 36% supported it.
Los Angeles Times - Proposition 4 would allow state and local governments to publicly finance candidates who follow specified rules; 41% supported it, 41% opposed it and 18% were undecided.
Los Angeles Times - A UC Berkeley Institute of Governmental Studies poll co-sponsored by the Los Angeles Times found 50% of likely voters opposed Proposition 40 and 42% supported it.
Los Angeles Times - The poll found 38% supported Proposition 41 and 47% opposed it; 43% supported Proposition 42 and 45% opposed it.
Los Angeles Times - The poll found 54% supported Proposition 3, which would continue a higher income tax rate on wealthy Californians funding education, while 37% opposed it.
Los Angeles Times - The survey found nearly six in 10 likely voters opposed Proposition 39, which would require voter identification and verification that registered voters are U.S. citizens.
Los Angeles Times - The poll surveyed 2,787 registered California voters online in English and Spanish from Oct. 19-25; its margin of error was about 3 percentage points.
POLITICO.eu - More than $293 million was raised from California billionaires to oppose Prop 40, a proposed tax on billionaire assets.
Techmeme (New York Times) - Silicon Valley billionaires raised more than $333 million to try to defeat a proposed 5% California wealth tax.
POLITICO.eu - Strategists who had worked on statewide campaigns and costly California ballot measures struggled to identify a historical precedent for the coordination or scale of billionaire spending against Prop 40.
NY Post - Voters were preparing to decide on 14 statewide propositions.
WHERE:
POLITICO.eu - The proposed tax and opposition campaign concern California.
WHY:
Los Angeles Times - Mark DiCamillo said voters who are undecided or unsure tend to vote no when support for a ballot measure is below 50%.
New York Post - Kirman said Persson’s listing was because he was spending little time in Los Angeles; the article said the sale was not necessarily related to the proposed California wealth tax.
Los Angeles Times - Proposition 40 was designed to help offset an estimated $100 billion in federal healthcare cuts approved by President Trump and congressional Republicans.
Los Angeles Times - Gov. Gavin Newsom argued the tax could prompt wealthy residents to leave California and further harm the state budget, which depends on its richest residents.
POLITICO.eu - Slootman said Prop 40 would erode private-property rights and California’s economic dynamism.
POLITICO.eu - Slootman said the measure challenged basic assumptions about being a taxpayer and state resident, adding: “This is not about politics for me — it is far more important than that.”
HOW:
Los Angeles Times - Proposition 41 would require audits of new state special taxes and bar new state taxes exempt from a state spending limit; Proposition 42 would prohibit new taxes on retirement holdings, individually owned assets and other personal savings. Either measure would nullify Proposition 40 if it passed and received more votes.
Los Angeles Times - Proposition 39 would require in-person voters to show government-issued identification and mail voters to provide a special PIN or the last four digits of their Social Security number.
Techmeme (New York Times) - A group of two dozen wealthy people or their advisers held conference calls to plan opposition to the tax.
POLITICO.eu - Slootman said he had a “moderate” interest in politics, voted in most elections, and had no prior record of California campaign contributions before giving $5 million to the anti-Prop 40 group.
POLITICO.eu - The article said the other half of billionaires’ spending that year came largely from Tom Steyer.
(UPDATED October 29, 2026 21:02 UTC)
California’s proposed 5% tax on billionaires’ assets faces overwhelming financial opposition, with nearly $368 million raised to defeat Proposition 40, compared with $36 million in support, and at least 30 billionaires among its opponents. Polls found more likely voters opposed the measure than supported it, while related Propositions 41 and 42—which could nullify it—also drew more opposition than support. The tax would help fund healthcare programs amid federal funding cuts, but opponents including Snowflake’s Frank Slootman argue it threatens property rights and California’s economy.
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(UPDATED October 29, 2026 20:02 UTC)
California’s proposed Proposition 40, a one-time 5% tax on the assets of billionaires who lived in the state at the start of the year, drew nearly $368 million in opposition donations, compared with $36 million for supporters. Sergey Brin was described as the opposition campaign’s largest backer, while Patrick Collison gave $33 million and Snowflake board chair Frank Slootman donated $5 million; at least 30 California billionaires contributed, with many fortunes built in technology. Polls found more likely voters opposed the measure than supported it, while supporters said it would help offset federal healthcare cuts and Governor Gavin Newsom warned it could drive wealthy residents away and hurt the state budget.
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(UPDATED October 29, 2026 19:03 UTC)
California’s proposed 5% billionaire wealth tax, Proposition 40, faces a major opposition campaign: at least 30 billionaires contributed, with Sergey Brin described as its biggest financial backer and Patrick Collison giving $33 million. Frank Slootman donated $5 million to oppose the measure, saying it threatened private-property rights and California’s economic dynamism, while Tom Steyer was a rare billionaire supporting it. A poll found 50% of likely voters opposed Proposition 40 and 42% supported it; voters also leaned against Propositions 41, 42 and 39, while 54% supported Proposition 3.
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(UPDATED October 29, 2026 13:05 UTC)
California billionaires have poured more than $333 million into efforts to defeat Prop 40, a proposed 5% tax on billionaire wealth, in a campaign strategists say is unusually large and coordinated. At least 30 billionaires have contributed, including Google co-founder Sergey Brin, described as the opposition campaign’s biggest backer, and Stripe CEO Patrick Collison, who gave $33 million. Snowflake board chair Frank Slootman donated $5 million to an opposition group, saying the measure threatened private-property rights and California’s economic dynamism, while Tom Steyer was a rare billionaire who backed the tax.