Next Tuesday, Californians will vote on Proposition 40, which would impose a one-time 5% tax on the state’s billionaires. It would apply only to people whose primary residence was in California as of Jan. 1, 2026, so several of the state’s wealthiest residents have packed up and shipped out to avoid the extra tax.
One such figure was Travis Kalanick, Uber’s billionaire cofounder. Back in March, he said he had moved to Austin, Texas, on Dec. 18, 2025—just about two weeks before the tax would’ve applied to him. With an estimated net worth of $3.6 billion, Kalanick could have faced a $180 million tax bill.
