Billionaires are leaving California in droves in the face of a ballot initiative seeking to place a 5 percent tax on their wealth. At least six dozen billionaires left the Golden State before the new year and more than a dozen others could follow suit, Bloomberg reported, citing financial advisers working for the affluent. If approved by voters this November, any billionaire living in the state as of Jan. 1, 2026 would be eligible for the one-time 5 percent tax on fortunes exceeding $1 billion. On Dec. 31, Peter Thiel and David Sacks both publicly announced new office locations in […]
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