California proposed 5% billionaire wealth tax dey divide tech and crypto leaders; some dem swear say dem go pay, others dey plan to comot

California labour unions (SEIU–UHW) don file one ballot measure wey dey look for one‑time 5% wealth tax on residents wey get net worth pass $1 billion (e go retroactive from Jan 1) and dem design am to fund schools, food assistance and healthcare. Backers must collect about 874,641 signatures to land am for November ballot. The proposal go give people wey e go affect up to five years to pay and e target small group of ultra‑wealthy folks, aiming to raise up to tens of billions of dollars. The measure don split big tech and crypto people: some leaders (reports talk say Nvidia CEO Jensen Huang dey okay with the levy) but others — like Larry Page, Peter Thiel and entrepreneurs wey dey connected to crypto firms — don publicly talk say dem fit relocate to low‑tax states like Florida or Texas. California Governor Gavin Newsom no support the plan, he dey warn about capital flight; some lawmakers (e.g., Rep. Ro Khanna) dey support am to fund innovation and public services. Analysts talk say past studies show few billionaires actually migrate because of wealth taxes, but capital and crypto industries move more easily now so relocation fit easier. For crypto traders, main effects be market uncertainty about possible exits of execs and teams, possible shift of crypto firms’ tax domicile, and long‑term fiscal impact on California’s tech ecosystem wey fit affect hiring, venture flows and sector confidence. Primary keywords: California wealth tax, billionaire tax. Secondary: ballot measure, tech migration, fiscal impact, crypto migration, capital mobility.