Record $612M Billionaire Spending Unites California Tech Elite Against Wealth Tax
California billionaires have shattered state spending records, injecting $612 million into the 2026 election cycle to defeat Proposition 40, a one-time 5% wealth tax. This unprecedented outlay, driven by over 70 current and former billionaires, marks a historic level of unity among Silicon Valley’s typically fragmented donor class. Google co-founder Sergey Brin is the largest contributor, funding the opposition group Building a Better California with $102 million. While proponents argue the tax is necessary to offset federal healthcare cuts, opponents warn it will devastate the state’s tax base and trigger capital flight. The campaign has accelerated broader political coordination among tech leaders, potentially establishing lasting infrastructure for future business-friendly initiatives.