Hmmm.
Unfortunate update as of today:
— Chamath Palihapitiya (@chamath) January 11, 2026
More calls from friends. The total wealth that has left California is now $1T.
We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left - taking their income tax revenue, sales tax revenue, real estate tax revenue… https://t.co/IQZFieRgL7
Tweet continues:
Unfortunate update as of today:
More calls from friends. The total wealth that has left California is now $1T.
We had $2T of billionaire wealth just a few weeks ago. Now, 50% of that wealth has left - taking their income tax revenue, sales tax revenue, real estate tax revenue and all their staffs (and their salaries and income taxes) with them.
In other words, by starting this ill conceived attempt at an asset tax, the California budget deficit will explode. And we still don’t know if the tax will even make the ballot.
California billionaires were reliable tax payers - 13.3% every year. They were the sheep you could shear forever. Now California will lose this revenue source FOREVER.
Unless this ballot initiative is pulled, we will not stop the billionaire exodus. With no rich people left in California, the middle class will have to foot the bill.
Collectively, the amount of Billionaire wealth that has left California in the last month (!) is now in excess of $700B.
— Chamath Palihapitiya (@chamath) January 9, 2026
That means the $2T of California wealth they expected to tax is now down to $1.3T and falling quickly. I would not be surprised if 2026 ended with less than… https://t.co/J0qIYrKJXB
Previously:
November 17, 2025 - "Norway's Wealth Tax Unchains a Capital Exodus
December 28, 2025 - "A Wealth Tax Floated in California Has Billionaires Thinking of Leaving"
January 9, 2026 - "Google Guys Say Bye to California"
