URGENT UPDATE: A proposed California wealth tax has ignited a firestorm among the state’s billionaires, leading to an unprecedented move by a coalition of tech moguls to undermine Democratic lawmaker Ro Khanna. This dramatic turn of events unfolded on Saturday night, when reports revealed that influential figures, including billionaire Peter Thiel, are publicly plotting against Khanna due to his support for the California Billionaire Tax Act.
The proposed measure, which would impose a 5% tax on the net worth of California billionaires over five years, has prompted significant backlash. Thiel and others are reportedly considering leaving California altogether amid fears of the financial implications. In a heated exchange on social media platform X, tech entrepreneurs Martin Casado and Garry Tan discussed their plans to push Khanna out of office, labeling him “totally out of touch” and “an obnoxious jerk.”
Casado, who sold his company Nicira for $1.26 billion in 2012, expressed his disdain in a post: “At least that makes voting him the f— out all the more gratifying.” Tan echoed his sentiments with a call to “primary him,” demonstrating their willingness to leverage their wealth and influence for political gain.
Political commentator Krystal Ball condemned the tech billionaires’ tactics, stating, “Tech oligarchs are now openly conspiring against Ro Khanna because he dared to back a modest wealth tax.” This backlash highlights the growing tensions between wealthy individuals and lawmakers advocating for progressive taxation.
Tan, whose net worth is estimated at around $300 million, further criticized the proposed tax in a separate post, insisting that tackling “corruption” should take precedence over increasing taxes on the wealthy. He questioned, “When will we have a strong governor in Sacramento who brings the true anti-corruption fire?”
This unfolding saga represents a significant clash between California’s tech elite and progressive lawmakers, stirring discussions about wealth distribution and political accountability. As billionaire tech executives openly plot against a sitting representative, the implications for future elections and tax policies could be profound.
WHAT’S NEXT: Voters will have the opportunity to weigh in on the California Billionaire Tax Act in next year’s ballot. As these wealthy tech executives mobilize to reshape the political landscape, all eyes will be on Khanna’s response and the potential fallout from their conspiracy. The stakes are high, and the outcome could redefine the balance of power in California politics. Stay tuned for breaking updates on this developing story.