qwant news | Nvidia CEO Jensen Huang Says 'Move To California' Even As Billionaires Look To Flee State's Proposed Weal

Jensen Huang, the CEO of Nvidia, told a Stanford Graduate School of Business audience that Californians should “move to California. Don’t leave. It’s the highest taxes in the world, but it’s OK,” adding that the state’s weather is great. His remarks contrast sharply with a growing wave of ultra‑high‑net‑worth individuals who are leaving the state amid talks of a new wealth‑tax measure, and they highlight how even the most prominent tech leaders remain divided over whether California’s tax climate threatens Silicon Valley’s dominance.

The proposed 2026 Billionaire Tax Act would levy a one‑time 5 % tax on anyone with a net worth over $1 billion and a $1 billion one‑time levy on those with at least $20 billion in assets as of Jan. 1. The measure, aimed at roughly 200 billionaires living in California, is projected to raise about $100 billion for health‑care and education funding. Critics, including venture capitalist Vinod Khosla, have labeled the plan a “commie” tax that could drive away a significant portion of the state’s wealthiest residents.

Other tech figures have already taken steps in response to the tax debate. Google co‑founder Sergey Brin is quietly building a $200 million real‑estate portfolio in tax‑friendly locales, while fellow co‑founder Larry Page has reportedly moved several business entities out of California. Meta CEO Mark Zuckerberg, Palantir chairman Peter Thiel (who donated $3 million to oppose the tax), venture capitalist Chamath Palihapitiya, and hedge‑fund billionaire Bill Ackman have also warned that the tax could stifle entrepreneurship and innovation. Huang’s pro‑California stance underscores a split among California’s tech elite, with the outcome of the proposed tax set to shape the future of the state’s innovation ecosystem.

Read more: https://www.benzinga.com/personal-finance/tax/26/04/51768110/nvidia-ceo-jensen-huang-says-move-to-california-even-as-billionaires-look-to-flee-states-proposed-wealth-tax

#nvidia #jensenhuang #vinodkhosla

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