Chamath Palihapitiya

Wow

Total net worth of US billionaires: $8 trillion Total net worth of everyone else: $170 trillion The math ain’t mathin’ if you think this is just about billionaires…

It’s not just the Billionaires that are leaving California. It’s anyone who is exhausted of paying 13.3% state tax with very little accountability. Wait until California residents fully understand the crazy new tax schemes they are planning like the 5% asset seizure tax.

California is disguising a proposed asset seizure tax as a "Billionaire Tax," but the math doesn't add up. They wanted $100B from 200 Californian billionaires but $500B in wealth has already fled the state, leaving a $25B hole in their plan. And it’s still only a proposal. Imagine how much more wealth will leave if this actually makes the ballot?? Why should you care? The fine print in the bill allows the California legislature to apply this asset tax to non-billionaires as well whenever they want. Your car, home and jewelry would all count. California isn’t coming just for the rich. This bill, while disguised as a tax on the wealthy, i…

Smart move to add @budowich

Amy Reichert is California’s Nick Shirley…she’s been on a tear recently.

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Good advice

.@bryan_johnson should I stop my statin?!?!

It should not be lost on citizen journalists and anyone who finds waste, fraud and abuse of taxpayer dollars offensive that starting with an investigative report by Chris Rufo in Nov-25 followed by a viral YT video by Nick Shirley, the sitting Governor of Minnesota has effectively“resigned” by choosing not to run again. In Minnesota, the question now is how far does the waste run and will it be tied back to quid pro quo campaign contributions. Separately, the critical question for the rest of the country, and for the financial lenders from the bond market, is if these same citizen journalists can now run their playbook and direct it on Calif…

Tomorrow at @uwaterloo, @8090solutions is bringing our Software Factory to campus. Come join us: - Meet our engineering team in person - See how we use it internally to ship faster - Network for internships and full-time roles I will be attending virtually and hosting an exclusive Q&A. 📍 Tatham Centre 2218 📆 Tue Jan 6 | 5–7pm ET

California politicians are constantly raising our taxes. In part to pay for this kind of nonsense. Here’s a reasonable idea: only use our tax dollars to pay for the childcare of real children that exist.

Say my name…

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This is curious. Why would Newsom veto a unanimous bill from the California legislature requiring reporting on cost and outcome data on the Homelessness spending??

Of course…and I’m sure this money will go to a good cause…

Federal government doing its job. Where are the states and cities?!?!

I think this is the most asymmetric upside bet in the market now. Position yourself smartly and you can make 10-1000x with relative ease. How? Even if politicians try to bury the fraud, the bond market can’t ignore it. Their math will show that even if the fraud is only 10% of total state and municipal budgets, it’s already way too much and should go to paying back debt holders. Right now spreads don’t reflect this and are too tight - ie look at California Credit Default Swaps - it doesn’t reflect any fraud, budget shortfalls or the billionaire exodus. There is little chance these spreads don’t move as the bond market comes back to work a…

DOGE is become decentralized…if this gets critical mass, it can’t be stopped. The only options will be to end the fraud or embrace it.

When do we see the ambitious politicians get in front of the systemic waste and fraud? The ambitious state assemblyman who wants to be State AG. The State AG who wants to be Governor. The Governor who wants to be POTUS. The lane is there…

He’s right.

“Politicians raise taxes not because it’s needed, but because it gives them a bigger slush fund to enrich groups who will vote for them They fund luxury hotels for illegal immigrants, while working families can barely afford healthcare “

Daycares in Minnesota outspent each of the Mag7 in political giving. Seems not fishy. Per Gemini: “Based on federal lobbying disclosures for the full year of 2024, zero individual tech companies reached the $35 million threshold. While 2024 was a record-breaking year for many tech giants, their individual federal spending remained well below $35 million. Even the largest spenders in the industry—Amazon, Meta, and Alphabet—typically hover in the $15M to $25M range.”

People I know, with a collective net worth of $500B, scrambled and left California for good yesterday. They took no risk because of the proposed asset seizure tax - introduced as a “Billionaire Tax”. Without these people, the California budget deficit will only get bigger. This hole gets filled in one of two ways: more borrowing from the bond market - who is purely financial and unforgiving or more taxes on everyone else. Meanwhile waste, fraud and abuse runs rampant from the hundreds of billions in revenues the state already collects.

Well, then I hope the West uses 2026 to get our 2nm chip processes in shape so that if this happens, we have the option to stay out of it.

Well said.

Last pod of 2025 with the besties!

Yet California politicians want to not only increase taxes but trick you by using labels like “Billionaire Tax” to get you to vote in a constitutional amendment that will allow them to seize your assets and private property. It’s never been done before. Anywhere in the country. Not only that, they want the ability to do it as often as they see fit. “Billionaire Tax”. Right.

Happy Ew Year!!

Billionaires in California were the sheep you could shear forever. But try to skin them and they will be gone forever. All it will leave is a huge budget hole you will eventually be asked to fill. Unfortunately, this lesson will now be learned by California voters the hard way.