Read the letter celebrity lawyer Alex Spiro wrote to Gavin Newsom, warning that his clients will 'permanently relocate' if California's wealth tax passes

""It will trigger an exodus of capital and innovation from California," Spiro wrote. "Our clients have made clear they will permanently relocate if subjected to this tax." The measure proposes that California residents with assets exceeding $1 billion be subject to a one-time 5% tax on the value of their assets. If the proposal receives enough signatures, it will appear on the state ballot in November 2026."

"While Newsom has said he is against the tax and would "fight" it, he would not have the ability to veto it if it were to pass as a ballot measure. Several wealthy Californians, including venture capitalist Peter Thiel and Google cofounder Larry Page, have considered shrinking their presence in California, according to a New York Times report. Representatives for Page and Thiel did not respond to Business Insider when asked if they were represented by Spiro."

Alex Spiro urged Gov. Gavin Newsom to stop a proposed billionaire tax, stating his clients would permanently relocate if the measure became law. The proposal would impose a one-time 5% tax on California residents with assets over $1 billion and would apply retroactively to residents as of January 1, 2026. If proponents gather enough signatures it will appear on the November 2026 ballot. Newsom opposes the tax but would lack veto power over a ballot measure. Several wealthy Californians, including Peter Thiel and Larry Page, have considered reducing their presence in California. Billionaire Palmer Luckey publicly opposed the measure.

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