California wealth tax proposal alarms billionaires like Zuckerberg

California’s proposed wealth tax is generating significant concern among billionaires, including Meta CEO Mark Zuckerberg, who could face a substantial tax bill if the measure passes. The tax initiative, known as Proposition 40, proposes a one-time 5% levy on the net worth of residents with fortunes exceeding $1 billion. This development has led to strategic financial decisions, such as Zuckerberg’s recent stock restructuring to maintain control while preparing for possible tax implications. The measure is set for a vote, but faces opposition from figures like Governor Gavin Newsom and Sergey Brin, who are concerned about potential economic impacts. The upcoming November 3, 2026, election will be crucial in determining the fate of Proposition 40.

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