The ultra-rich are spending one million dollars a day fighting California’s proposed billionaire tax

California's proposed billionaire tax, known as Prop 40, is facing fierce opposition from tech billionaires who are spending over $1 million a day to defeat the measure. This one-time 5% wealth tax aims to fund healthcare and education, but the ultra-rich are pouring in millions to block its passage. The large sums being spent are a clear indication of the tax's potential impact on the wealthy and their financial interests.

Why it matters

The proposed billionaire tax in California has created uncertainty for tech billionaires and investors. The outcome of the vote on Prop 40 could impact the tech industry and the broader market.

Market impact

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Likely winners & losers

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