"On Wednesday, the private investment firm founded by the billionaire tech investor Peter Thiel said it has opened a new office in Miami. Thiel Capital's press release said that the new office is located in Wynwood, a former warehouse district that has become a hub for startups, investors, and cultural institutions. The lease was signed in December, and the new office will "complement Thiel Capital's existing operations in Los Angeles," the firm said."
"California is debating a proposed wealth tax that would impose a one-time 5% tax on residents with net worths exceeding $1 billion, to be paid over five years. The wealth tax still needs 870,000 signatures to even make it to the ballot in November 2026, where it would then be approved or rejected by voters at the ballot box. However, billionaires have already been critical of the plan and warned of an exodus of the wealthy."
Thiel Capital opened a Wynwood office in Miami after signing the lease in December to complement existing Los Angeles operations. The Wynwood location is described as a former warehouse district turned hub for startups, investors, and cultural institutions. Miami's startup and finance scene expanded during the pandemic as many firms relocated from California and New York. Peter Thiel purchased a Venetian Islands home in 2020, and Founders Fund has maintained a Miami office since 2021. California is considering a one-time 5% wealth tax on residents with net worths above $1 billion, payable over five years and requiring 870,000 signatures to reach the November 2026 ballot. SEIU-United Healthcare Workers West proposed the tax to offset anticipated cuts to healthcare, education, and food assistance. Billionaires have criticized the proposal and warned of a potential exodus; wealth taxes levy net worth rather than income and can be difficult to quantify for those without regular income.
Read at Business Insider
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