Source: Fortune
Summary
California billionaires, including Sergey Brin and Tom Steyer, are pouring millions into the state’s political scene, driven by a proposed wealth tax that would levy a one-time 5% tax on billionaires. Brin, who has spent over $58 million in the last four months, has helped mobilize a network of fellow tech titans to influence state issues. The billionaire activism mirrors larger shifts in Silicon Valley and the nation, with some billionaires leaving the state to avoid the tax. The political push has drawn tech titans and business leaders into the state’s affairs, with some backing Republican Steve Hilton and others supporting Democratic candidate Matt Mahan.
Our Reading
The strategy enters a familiar phase.
Billionaires are using their wealth to influence California politics, with some leaving the state to avoid a proposed wealth tax. Sergey Brin has spent over $58 million in the last four months, while Tom Steyer has spent over $140 million in his election bid. The billionaire activism has drawn tech titans and business leaders into the state’s affairs, with some backing Republican Steve Hilton and others supporting Democratic candidate Matt Mahan. The political push has also led to controversy, with some accusing the billionaires of trying to buy influence. As one strategist noted, “They think, ‘Hey, I’ve got money I can throw it around,’ and they don’t really do their homework.”
The billionaires are playing politics like they’re investing in startups.
Author: Evan Null
