Google co-founder Sergey Brin donates $20 million more to organisation advocating against ...
Sergey Brin has now donated more than $100 million to the campaign against California's proposed billionaire wealth tax. According to a newly filed California campaign finance report (first shared by Bloomberg), the Google co-founder has recently contributed an additional $20 million to political committee Building a Better California.
His total donations now stand at $102 million. This makes him the largest financial backer of the campaign opposing Proposition 40. Proposition 40 is a ballot measure that would impose a one-time 5% tax on the wealth of California billionaires.The filing shows Brin made the $20 million contribution on July 24.
Building a Better California subsequently directed $10 million each to campaigns supporting Propositions 41 and 42, two competing ballot measures that could invalidate Proposition 40. California voters are expected to decide on the measure in November.California wealth tax campaign sees widening funding gapBrin's latest donation strengthens the financial advantage enjoyed by groups opposing Proposition 40.
Building a Better California has primarily focused on defeating the proposed billionaire tax while also supporting pro-business initiatives and housing affordability measures. The organisation has declined to comment on Brin's latest contribution.Supporters of the wealth tax, led by healthcare workers' union SEIU-UHW, have raised just over $30 million, while opposition groups have collected more than $120 million, according to campaign finance filings.
Building a Better California is also funding two competing ballot measures that could effectively nullify Proposition 40 if they receive more votes than the wealth tax proposal.Sergey Brin leads Silicon Valley opposition to wealth taxBrin, whose net worth is estimated at around $282 billion according to the Bloomberg Billionaires Index, has emerged as the central figure in Silicon Valley's opposition to the proposal.
He has also increased his political spending in California while listing Nevada as his state of residence after purchasing a $42 million property on the Nevada side of Lake Tahoe.Several other technology executives and investors have also backed campaigns against the proposed tax. Ripple Labs co-founder Chris Larsen donated $2.5 million to Building a Better California and another $5 million to Golden State Promise, while Ripple contributed an additional $5 million.
Former Sequoia Capital partner Michael Moritz donated $7.5 million, Stripe CEO Patrick Collison contributed $7 million, and former Google CEO Eric Schmidt gave more than $3 million.Other contributors include PayPal and Palantir co-founder Peter Thiel, The Wonderful Company owner Stewart Resnick, DoorDash CEO Tony Xu, Affirm CEO and PayPal co-founder Max Levchin, angel investor Ron Conway and venture capitalist Daniel Tierney.California wealth tax debate extends beyond campaign donationsThe proposed implementation of the wealth tax has affected where the wealthiest Californians choose to base their assets and businesses.
Last year, various entities associated with Sergey Brin closed down or left many LLCs in California, while Larry Page, one of the founders of Google, left many associated entities out of the state or deactivated them. David Sacks, a venture capitalist, launched Craft Ventures with an office in Austin.
Peter Thiel left for Buenos Aires.Supporters of Proposition 40 argue that the one-time 5% levy on residents and trusts with assets exceeding $1 billion would generate funding for public services while addressing wealth inequality. Opponents contend that the measure could encourage wealthy individuals and businesses to relocate, trigger legal disputes and affect California's investment climate.
California Governor Gavin Newsom previously attempted to broker a compromise, but negotiations failed, leaving the proposal to be decided by voters in November.Get the latest technology news and updates. Download the TOI App.