Seven extremely wealthy Californians have already left the state ahead of a proposed 5% billionaire wealth tax that will appear on the November ballot, with four leaving before the Jan. 1 residency deadline and three departing afterward, according to an international tax adviser who said more clients are considering an exit before the vote.
That contrasts with Chamath Palihapitiya’s public stance earlier this month.
Palihapitiya, a venture capitalist and a vocal critic of the tax, said he will remain in California and "pay the taxes" anyway.
Though he called the tax "dumb" last week, he said he "will not leave." Departures Already Underway David Lesperance, founder and principal partner of Lesperance & Associates, who advises ultra-high-net-worth founders and venture capitalists, told Benzinga that his clients are taking a different approach.
"Four left before Jan. 1, and three more have left since," he said, referring to the Jan. 1, 2026 residency cutoff included in the proposal.
