American tech entrepreneur, co-founder of Uber and earlier peer-to-peer firms
California has qualified a proposal for a billionaire wealth tax, which supporters say will fund healthcare and education. Opponents warn it will trigger a mass exodus of the wealthy, leading to significant job and revenue losses. The measure now faces a voter referendum in November 2026.
SpaceX has announced a senior unsecured notes offering to raise about $20 billion to refinance a bridge loan and fund expanding AI infrastructure, including Starship and Starlink. The move follows a record IPO and large cash reserves, but faces scrutiny over negative free cash flow and high capital needs.
California has expanded the Hollywood tax credit but a new cap has cast doubt on the program’s reach, risking job losses in film and TV production. Lawmakers and studios are calling for a fix as the state faces ongoing budget negotiations and questions over funding for Prop. 36 and other priorities.
The pied-à-terre tax in New York City has taken effect, with rates up to 6.5% for non-primary luxury residences. Authorities anticipate $340 million to $500 million in annual revenue from roughly 10,000 units, while brokers report continued strength in luxury sales as market liquidity remains high.
California plans to audit high‑income residents who left the state to avoid a proposed 5% wealth tax. Three prominent figures—David Sacks, Travis Kalanick, and Sergey Brin—are cited as potential targets. The state will determine if they remain California residents for tax purposes, a move experts say could trigger legal battles and billions in potential tax revenue.