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Fortune

Mia Osmonbekov

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

California Ro Khanna Sergey Brin Cali Calif Crypto Emmanuel Saez Mark Cuban Peter Thiel Chris Larsen

Photo of Sergey Brin at Met Gala (Credit: Taylor Hill–Getty Images)

Silicon Valley made a fortune betting on disruption. Now some of the most recognizable names in venture capital and Big Tech are spending millions to disrupt California’s plan to tax them.

Campaign finance records show Palantir cofounder Peter Thiel, crypto billionaire Chris Larsen, Google cofounder Sergey Brin, and longtime venture capitalist John Doerr donated to political action committees opposing Proposition 40, which would levy a one-time tax on billionaires equal to 5% of their wealth if passed. Thiel officially cut ties with California in 2025 ahead of the proposed wealth tax, and Brin has also reduced his official and financial ties to the state.

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