California billionaires raise $300M to fight Proposition 40 wealth tax

California billionaires are intensifying efforts to defeat Proposition 40, a proposed wealth tax targeting the state’s billionaires. Notable figures such as Google co-founder Sergey Brin, venture capitalist John Doerr, and Ripple co-founder Chris Larsen have collectively raised over $300 million in opposition to the measure. Larsen has been particularly vocal, contributing significantly to campaigns opposing the tax and supporting initiatives that could nullify it. The proposed tax, aimed at residents who were billionaires as of January 1, 2026, seeks to allocate most proceeds to health care. Despite its initial support, the measure is facing declining public backing and substantial opposition funding. Observers should monitor upcoming polls and public statements from key political figures such as Governor Gavin Newsom, who opposes the measure.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to Crypto Briefing.