California’s proposed wealth tax would charge billionaires a one-time 5% of their net worth, and Meta just agreed to give Mark Zuckerberg a new class of shares he can sell to pay it, as long as he stays in California. That’s about $12.5 billion in Meta value, and Tim explains why shareholders’ retirement accounts end up footing the bill. Plus: only six billionaires are left in the state, and Tim shares his own experience fleeing high taxes.
0:00 California’s Wealth Tax Hits Meta
1:20 Zuckerberg’s Deal to Stay
3:50 Nobody Has a Billion Dollars in Cash
7:01 Billionaires Are Already Leaving
9:44 The Tax System Is Broken
Democrats’ California Wealth Tax Is Already Costing the State $27 Billion — and Meta Shareholders Are Covering for Zuckerberg
California Democrats pitched a one-time 5% tax on billionaires as an easy $100 billion windfall for health care, food aid, and schools. The threat alone has already chased out enough wealth to wipe out roughly $27 billion of that projected take, and the vote is still days away.
Voters decide Proposition 40 on November 3. It would hit anyone with a net worth over $1 billion who lived in the state on January 1, 2026. The money would mostly go to state health programs. Bernie Sanders, Rep. Ro Khanna, and the California Democratic Party back it. Gov. Gavin Newsom opposes it and has supported measures that would block similar taxes going forward.
Tim Pool laid out the early damage in a video this week. Only six billionaires remain in California after the proposal surfaced. The ones who left took about $27 billion in potential tax revenue with them.
🚨 BREAKING: Democrats are going all in on a wealth tax, and it’s coming for a lot more than billionaires.
Laura Ingraham ran the math.
If the IRS took every dime from all 924 American billionaires, that’s about $7 trillion.
By her count, the Democrats’ agenda would cost at least $50 trillion.
So where does the other $43 trillion come from?
It comes from your retirement accounts, your life savings, and whatever you try to leave your kids.
Marcus Lemonis said it plainly: “All they have said to people is it’s fair game, we’re going to take everything you have so we can pay for stuff for people who don’t work.”
Taxes are already absurd. Keep your hands off our money.
— Gunther Eagleman™ (@GuntherEagleman) October 20, 2026
Google co-founders Larry Page and Sergey Brin, venture capitalist Peter Thiel, Uber co-founder Travis Kalanick, and car-loan magnate Don Hankey are among those who relocated to Florida, Nevada, or Texas before the residency cutoff. Stanford economists estimate the tax might raise only around $30 billion once departures are counted, far below the $100 billion claim. Lost future income taxes from people who leave could leave the state roughly $39 billion worse off over time.
Mark Zuckerberg nearly joined the exit. Meta’s board agreed to issue him a new class of non-voting Class C shares he can sell to cover a potential tax bill in the $11–12.5 billion range, as long as he stays in California (or wherever Meta keeps its headquarters) for eight years. He keeps voting control. The company is effectively handing him shares that dilute existing holders or come out of the company’s value.
Billionaires do not keep billions sitting in checking accounts. Most of their wealth is stock. Selling large blocks to pay a tax forces the price down, which hits ordinary shareholders — including people who hold Meta in retirement accounts. Pool noted that the market impact can erase more than the 5% figure on paper because the sale itself reduces the value of the remaining shares.
This fits a longer pattern. Tesla, Oracle, Chevron, and dozens of other headquarters have already left California for lower-tax states. When owners and capital leave, jobs and suppliers often follow. The wealth tax makes the math worse for anyone building or holding a company in the state, even before the measure passes.
Whatfinger News has the midterm polls and maps tracked at dedicatedissues.com/election/polls.html.
— The Whatfinger News Team: Sgt L, Beth and Grok on edits
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