US EditionJensen Huang—World’s 8th-Richest Person—‘Perfectly Fine’ With California Billionaire Tax
The proposed 5% tax targets about 200 California billionaires and aims to raise $100 billion over five years to fund social programs, Nvidia CEO Huang says he is unfazed.
- On Tuesday, Nvidia CEO Jensen Huang told Bloomberg TV he is `perfectly fine` with California's proposed billionaire wealth tax and hasn't focused on it while building AI.
- The proposal, backed by SEIU-United Healthcare Workers West, seeks to raise $100 billion over five years and needs 870,000 signatures to reach the November 2026 ballot, applying to around 200 billionaire residents.
- Most of Jensen Huang's wealth comes from his around 3% stake in Nvidia, which showcased Vera Rubin chips at the Consumer Electronics Show, while billionaires Palmer Luckey and David Sacks voiced disapproval and Huang cited Silicon Valley's talent pool for staying.
- The residency cutoff creates an effective end-of-2025 deadline since the tax applies only to billionaires residing in California on January 1, 2026, and Alex Spiro warned Gov. Gavin Newsom clients would `permanently relocate` if it passes.
- As designed, the levy is a 5% tax on total net worth and would be collected over five years, with backers estimating $100 billion raised from around 200 billionaire residents.
19 Articles
19 Articles
Nvidia's Jensen Huang: No problem with California billionaire tax
Jensen Huang, CEO of the tech behemoth Nvidia and the eighth-richest man in the world, says he is “perfectly fine” with a grassroots push in California to impose a one-time wealth tax on the state’s billionaire residents. In an interview with Bloomberg on Tuesday, Huang said: “We chose to live in Silicon Valley, and whatever taxes, […] The post Nvidia’s Jensen Huang: No problem with California billionaire tax appeared first on Asia Times.
A few days ago Bill Ackman, a billionaire and manager of an important speculative fund, had defined the proposal for a one-off 5% tax for billionaires resident in California as a private property expropriation. He probably expressed the point of view of many super rich, but not all. Jensen Huang, the ninth richest person in the world and Nvidia, the first group to have exceeded 5000 billion dollars of Stock Exchange capitalization, in an intervi…
Joe Lonsdale on CA wealth tax battle: We shouldn't be demonizing people for being successful
Joe Lonsdale, Palantir co-founder and 8VC founding partner, joins 'Squawk Box' to discuss California's proposed wealth tax, lowering the cost of health care in the U.S., closing the tax loophole, his thoughts on Venezuela, state of the AI boom, and more.
Coverage Details
Bias Distribution
- 43% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
