Wealth tax row: LinkedIn founder on California’s billionaire tax — ‘badly designed, harmful to innovation’

LinkedIn founder Reid Hoffman has joined the opposition to California’s proposed 5% wealth tax on billionaires, calling it ‘badly designed’ with ‘massive flaws’ that could harm innovation. He expressed concerns about taxing illiquid stock and warned of potential capital flight and reduced revenue. Hoffman acknowledged Congressman Ro Khanna’s goal to balance Silicon Valley’s growth with broader inclusion.