In December, during a holiday gathering hosted by crypto investor Chris Larsen near San Francisco, Google co-founder Sergey Brin confronted California Governor Gavin Newsom, revealing his intention to leave the state due to the proposed Billionaire Tax Act. This act, which aims to impose a 5% one-time excise tax on individuals with a net worth exceeding $1 billion, has raised alarm among wealthy residents. Brin, whose net worth is approximately $289 billion, expressed his concerns about California's fiscal policies and has taken measures to protect his wealth by purchasing properties in Nevada and Florida. He has also committed at least $45 million to oppose the tax initiative, with total spending reaching $58 million this year. Governor Newsom has publicly criticized the tax, stating it could damage the economy and lead to significant capital flight, with estimates suggesting that over $1 trillion has left California since January. The proposed tax is set to be on the ballot this November after the Service Employees International Union–United Healthcare Workers West (SEIU-UHW) collected more than 1.55 million signatures to support it.