Revision History

Uber co-founder Travis Kalanick has relocated to Texas, joining a growing wave of billionaires fleeing California ahead of a proposed 5% wealth tax on fortunes exceeding $1 billion. The exodus — which venture capitalist Chamath Palihapitiya estimates has already removed $1 trillion in billionaire wealth from the state — threatens to undermine California's tax base and deepen its $18 billion budget deficit, even as proponents argue the measure could raise tens of billions for healthcare and education.