California exit: Silicon Valley billionaire announces move; Craft Ventures opens Austin office

Billionaires are reportedly leaving California to avoid a proposed 5% wealth tax, with figures like Larry Page and Peter Thiel considering moves. David Sacks confirmed his relocation to Texas, criticizing the tax as “asset seizure.” Chamath Palihapitiya warned of a $500 billion net worth exodus, predicting a worsening budget deficit for the state.