Peter Thiel Bets $3 Million to Thwart California's Billionaire Tax

Peter Thiel donated $3 million to the California Business Roundtable PAC to oppose the proposed 2026 Billionaire Tax Act, a 5% one-time wealth tax on Californians worth more than $1 billion with a five-year payment window. The contribution signals how tech billionaires may mobilize to block the measure as signatures are gathered for the November ballot. Supporters say the tax would fund healthcare and education and affect about 200 people, while opponents, including Gov. Newsom, argue it would hurt California’s economy and drive investment out. Thiel has recently moved parts of his empire to Miami.