Palmer Luckey Declines to Leave California Despite Proposed Billionaire Wealth Tax
Anduril founder Palmer Luckey has announced he will remain in California despite opposition to a proposed ballot measure that would tax the net worth of the state's wealthiest residents. While expressing strong criticism of the tax—noting it could penalize founders with super-voting shares and target unrealized, illiquid assets—Luckey stated his intention to stay and fight for the state rather than join other billionaires in an exodus. The proposed tax would fund programs such as Medi-Cal, education, and food assistance. However, Luckey argues the policy could lead to significant economic friction, potentially driving companies and talent out of the state. He specifically highlighted concerns regarding how the tax assesses voting control versus actual ownership, which could result in massive tax liabilities for founders like himself.
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