Billionaire Palmer Luckey isn’t leaving California over the wealth tax
Billionaire entrepreneur Palmer Luckey has stated he will remain in California despite his opposition to a proposed wealth tax on the state's richest residents. Luckey expressed disagreement with the tax's sponsors but emphasized his commitment to fighting for the state's future.
Why it matters
The debate over wealth taxes in California highlights the tension between state fiscal policy and the retention of high-net-worth individuals and tech companies.
Palmer Luckey has been a California billionaire since he was 21 years old, when he sold his first company, virtual reality headset maker Oculus VR, to Facebook for $2 billion in 2014. His current company, defense tech firm Anduril, is headquartered in in Costa Mesa, California, not far from Long Beach, where Luckey grew up. And Anduril is worth far more. It was last valued at $61 billion.
While Luckey clearly despises the proposed California billionaire wealth tax, a ballot measure that would tax the net worth of the state’s richest residents, he said he’s not leaving California over it.
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