SAN FRANCISCO — Billionaire opponents of California’s proposed wealth tax have devoted more money than ever to a political cause in the state, according to a POLITICO analysis.
A record $612 million from more than 70 current and former California billionaires was contributed to this year’s state elections, nearly half of it to groups working to defeat Proposition 40, the wealth tax initiative, on Tuesday’s ballot, POLITICO found.
The fight over Prop 40 has brought together California’s wealthiest residents — many of whom hail from its home tech industry — in an unprecedented display of policy coordination, new data reveals. Tech executives say the wealth tax has accelerated plans for broader political engagement this cycle, creating networks that could serve as a basis for future campaigns.
It’s a particularly striking display of unity from Silicon Valley’s notoriously difficult-to-organize donor class. Co-founder of Google Sergei Brin is by far the the biggest benefactor of the well-funded opposition with former Google CEO Eric Schmidt venture capital John Doerr CEO of Stripe Patrick Collison and crypto manager Chris Larsen also among those who contributed the most in trying to end the billionaires tax.
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