California’s Golden Exit: 70% of Billionaires Ready to Flee

70% of California’s billionaires are planning to flee the state. Mike Solana’s exclusive interviews with 21 billionaires reveal the full scale of the looming exodus—and the $1.3 trillion question about California’s future.

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I spoke with 21 billionaires impacted by the state's new asset seizure ballot proposition — around 10% of billionaires in the state. they're planning to leave. but they're also fighting. exclusive details from pirate wires: https://t.co/hy2Z0Rz8zL

Mike Solana @micsolana January 23, 2026

The billionaires aren’t just threatening to leave. They’re actively developing exit plans while simultaneously organizing to fight back. Every Californian should be paying attention.

70% Ready to Leave, 15% Already Gone

The numbers are staggering. Solana interviewed 21 billionaires—roughly 10% of California’s billionaire population. An informal poll in the largest billionaire Signal chat revealed that 70% would leave if the proposition passes. Even more alarming: 15% have already left the state.

All 20 impacted billionaires Solana spoke with are developing exit plans. This isn’t a partisan issue—the group includes Democrats and longtime San Francisco proponents who have fought for the city for years. Combined, their companies represent approximately $1.3 trillion in value and employ around 50,000 workers.

The writing is on the wall, and the wealthy are reading it clearly.

The ‘Control’ Language That Could Bankrupt Founders

The tax’s most insidious feature isn’t the 5% rate—it’s how it defines wealth. The proposed tax treats voting shares as actual ownership, taxing founders on control they hold rather than wealth they actually possess.

This creates an impossible situation for founders of private companies. They have paper wealth but no cash. A founder with 51% voting control of a $2 billion company would owe massive taxes on shares they can’t sell. Bankruptcy becomes a real possibility.

The result? The “Leave before the B” phenomenon is spreading across Silicon Valley. Founders are planning their exits before ever reaching billionaire status. Replit founder Amjad Masad, whose company is valued at $9 billion, is among those considering leaving. As Garry put it: “It punishes innovators for maintaining control of their companies and discourages them from launching startups where they have a majority say.”

Who Pays When the Golden Goose Leaves?

Here’s the math that should terrify every Californian: The top 1% pay 46% of California taxes. The top 5% pay 66%. When you trigger mass asset flight, who fills that gap?

Everyone does.

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The asset seizure tax is a massive self own. It will not help the people of California. Rather than enjoy more golden eggs, SEIU-UHW and their cronies want to eat the golden goose. Every Californian loses. It’s one of the worst written propositions in history. https://t.co/QWJPOzk8dl https://t.co/jLgM6bscpC [Quoting @micsolana]: I spoke with 21 billionaires impacted by the state's new asset seizure ballot proposition — around 10% of billionaires in the state. they're planning to leave. but they're also fighting. exclusive details from pirate wires: https://t.co/hy2Z0Rz8zL

Garry Tan @garrytan January 24, 2026

The asset seizure tax is a massive self-own. Rather than enjoy more golden eggs, SEIU-UHW and their cronies want to eat the golden goose.

Once this tax structure is in place, everyone expects it to expand to lower thresholds—just like California’s failed 2023 wealth tax attempt that would have scaled down over time. Even Governor Newsom has called it “badly written” and expressed concerns about its impact on state services. When even Newsom thinks your tax is too extreme, you’ve gone too far.

UC Berkeley economist Enrico Moretti expects the losses will exceed the benefits. The flywheel effect means losing founders creates a cascade—their networks, employees, and future companies all leave too.

The Fight Is On

Most impacted billionaires are “conflict avoidant” and won’t speak on record. They’ve spent careers building rather than fighting political battles. But they’re not just leaving—they’re fighting back.

Multiple group chats are coordinating strategy. The quiet money is getting loud.

Garry has been clear about where he stands: “We are going to fight for free enterprise and the right to start startups in California. But if we lose, tomorrow’s tech giants won’t be in California in 10 years or less.”

California started with the Gold Rush. SEIU-UHW’s asset seizure tax could end it with the Golden Exit. The damage is already being done—every day the proposition stays on the ballot, more founders and investors are making contingency plans. The state that built Silicon Valley is about to learn what happens when you bite the hand that feeds you.

Follow @garrytan for more.