California billionaires have put more money into opposing the state's proposed wealth tax than into any previous political cause there, according to an analysis by Politico.
The outlet found that more than 70 current and former billionaires in the state have contributed a record $612m to this year's California elections, with almost half going to groups campaigning against Proposition 40, the wealth tax measure on next Tuesday's ballot. At least 30 billionaires have given more than $293m to the opposition effort.
Google co-founder Sergey Brin is the largest single donor against the measure, followed by figures including former Google chief executive Eric Schmidt, investor John Doerr, Stripe's Patrick Collison and crypto executive Chris Larsen. Former Snowflake chief Frank Slootman, who gave $5m, told Politico the tax would undermine property rights. Tech leaders said the campaign had built donor networks that could shape future elections.
Source: Politico Europe
