NVIDIA CEO says he's 'perfectly fine' with California's billionaire tax
What's the story
NVIDIA CEO Jensen Huang has said he would be "perfectly fine" with a potential $7.75 billion tax bill. The amount is what he could owe the state of California if a proposed ballot measure for a one-time 5% wealth tax on billionaires passes. With a net worth of $155 billion, Huang has brushed off concerns over the proposed tax. In contrast, Google co-founder Larry Page, worth about $258 billion, has moved out of California amid the proposed billionaire tax.
Tax stance
Huang's response to proposed wealth tax
When asked about his thoughts on the proposed tax, Huang said, "I've got to tell you, I have not even thought about it once." He added that he chose to live in Silicon Valley and is okay with any taxes imposed. The proposed measure was introduced last November by a healthcare workers' union and supported by lawmakers such as Rep. Ro Khanna (D-Calif.) and Sen. Bernie Sanders (I-Vt.).
Tax specifics
Proposed tax details and beneficiaries
The proposed tax would apply to the total assets of anyone worth more than $1.1 billion who lived in California at the start of 2026. The funds raised from this tax would be allocated to California's healthcare budget, which is facing a major deficit after federal spending cuts, as well as public school and food assistance programs.
Initiative progress
Tax initiative's journey and billionaire response
The tax initiative needs over 870,000 signatures to make it onto California's November 2026 ballot. If successful, billionaires living in California would be taxed on all valuable assets, including stocks or businesses they own. However, real estate assets would be exempt from the tax as residents already pay property taxes. Billionaires could also spread their payments over five years under this proposal.
Wealth impact
Tax initiative's potential impact and billionaire reactions
Supporters of the tax say it could eventually raise around $100 billion from California's 200 wealthiest people, including Huang. However, not all billionaires are on board with this proposal. For instance, Anduril co-founder Palmer Luckey has said that the proposed tax would force billionaire founders to "sell huge chunks of our companies" to pay their tax bill.
Tax perspective
Huang's stance on California's tax initiative
Despite the mixed reactions from other billionaires, Huang remains unfazed by the proposed tax. He reiterated his belief that NVIDIA's location in Santa Clara, California is a huge advantage. "We work in Silicon Valley because that's where the talent pool is," he said. The company's ability to hire qualified employees usually drives its decision on where to set up shop, he added.