A proposed California wealth tax has sent some billionaires scrambling, and on Saturday night, prompted a group of wealthy tech entrepreneurs to begin “openly conspiring” against a Democratic lawmaker who supports it.
Dubbed the California Billionaire Tax Act, the proposed ballot measure, if adopted by voters next year, would impose a 5% tax on the net worth of California billionaires, payable over five years.
News of the proposal led some billionaires – including pro-Trump tech billionaire Peter Thiel – to consider leaving the Golden State, while others, like tech entrepreneurs Martin Casado and Garry Tan, responded with talks of forcing Rep. Ro Khanna (D-CA) – a strong proponent of the wealth tax – out of office.
“Beyond being totally out of touch with [the moderate] faction of his base, [Khanna has] devolved into an obnoxious jerk,” wrote Casado, a wealthy tech entrepreneur and investor, in a social media post Saturday on X. “At least that makes voting him the f— out all the more gratifying.”
Tan, a wealthy venture capitalist and founder of the California venture capital fund Initialized Capital, responded to Casado’s rant with a simple message: “time to primary him,” he wrote on X.
“Count me in,” Casado responded. “Happy to be involved at any level.”
Political commentator Krystal Ball, former Democratic congressional candidate, former MSNBC reporter and current host of “Breaking Points,” lashed out Sunday at both Casado and Tan for publicly discussing the use of their wealth and influence to shape an election’s outcome.
“Tech oligarchs are now openly conspiring against Ro Khanna because he dared to back a modest wealth tax,” Ball wrote in a social media post on X.
Both Casado and Tan have made or shared several posts condemning the proposed wealth tax, with Tan writing in a separate post that he believed “corruption” should be targeted before increasing taxes on the wealthy.
“I would go say corruption must be solved before wealth taxes,” Tan wrote in a social media post Saturday. “When will we have a strong governor in Sacramento who brings the true anti-corruption fire to all of decrepit nonprofit rot and death of state capacity? Start with anti-corruption.”
Tan’s net worth is estimated to be around $300 million, and while Casado’s net worth has not been publicly disclosed, he’s presumed to be wealthy following the sale of the tech company he founded, Nicira, for $1.26 billion in 2012.
Tech oligarchs are now openly conspiring against @RoKhanna because he dared to back a modest wealth tax. https://t.co/pCh170Oa3v — Krystal Ball (@krystalball) December 28, 2025
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