California's Billionaire Tax Triggers Startup Exodus

California's proposed 5% wealth tax on residents with $1B+ net worth (with a 1% annual option) is triggering backlash well beyond current billionaires, as founders and investors with illiquid equity consider leaving California, fearing damage to startups and innovation; it could presage a broader wealth-tax push and even spur relocations to Texas or Florida, while supporters say it could raise about $100B for healthcare and still faces signatures and legal challenges.