Meet the venture capital and crypto billionaires quietly bankrolling the fight against California’s wealth tax

Prominent venture capitalists and tech billionaires are quietly funding political action committees that oppose California's proposed wealth tax. Peter Thiel, a cofounder of Palantir, Chris Larsen, a crypto billionaire, Sergey Brin, a Google co-founder, and John Doerr, a renowned venture capitalist, have donated to committees opposing Proposition 40.

Thiel officially severed ties with California prior to the tax proposal and Brin has diminished his connections to the state. Larsen contributed $5 million to Golden State Promise, a committee opposing the tax, and Ripple Labs donated an additional $5 million. Another committee representing teachers, doctors, and small businesses received $5 million from Building a Better California, a PAC with top donors Brin and Doerr.

Golden State Promise also received $450,000 from the California Business Roundtable Issues PAC, whose main donor is Thiel, who gave $3 million to the PAC. The wealth tax, if passed, could generate $100 billion for California over five years, with 90% earmarked for healthcare, food assistance, and education. The opposition argues the tax could drive entrepreneurs and investors out of the state.