Two ‘upset’ Billionaires leaving California: Wealth Tax could cost them $12B; Won’t risk staying

Tech billionaires Peter Thiel and Larry Page are reportedly planning to leave California due to a proposed 5% wealth tax on billionaires. The measure, if passed and applied retroactively, could cost them billions. This potential exodus highlights a growing tension between wealthy individuals and state tax policies, with some warning of an “exodus of talent.”