Billionaire Palmer Luckey isn't leaving California over the wealth tax

Key Points:

• Palmer Luckey, billionaire founder of defense tech firm Anduril valued at $61 billion, opposes the proposed California billionaire wealth tax but plans to remain in the state and fight the measure.
• Luckey criticizes the tax for targeting unrealized and illiquid assets, imposing potentially severe penalties, and taxing voting control in companies, which he says unfairly impacts founders with super-voting shares.
• He is concerned the tax is sponsored by a union aiming to use the funds for its own purposes, despite proponents stating the revenue would support healthcare, education, and food assistance programs.
• Luckey faces a potential $3 billion tax bill on his Anduril stake alone but emphasizes his commitment to California, citing the state's special significance and his desire to preserve voting control tied to his residency and citizenship.
• He hopes for legal challenges if the measure passes, arguing it represents an unprecedented tax on control rather than ownership and could unlawfully seize future wealth.