Nvidia's Jensen Huang: No Problem With California Billionaire Tax

“'Who cares?' is absolutely the appropriate reaction,” said Matt Bruenig, founder of the People's Policy Project, a left-wing think tank.“It means nothing to him. David Sacks types look like the biggest babies in the world.”

Bruenig was referring to the White House cryptocurrency czar, who left California for Texas at the end of 2025 in an apparent effort to avoid the possible billionaire tax, which would apply to anyone living in California as of January 1, 2026.

“As a response to socialism, Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital,” Sacks declared in a social media post last week.

The proposed one-time tax on California's roughly 200 billionaires would raise an estimated $100 billion in revenue, funds that would be set aside for the state's health care system, food assistance and education.

Organizers are pursuing the tax in direct response to unprecedented Medicaid cuts enacted by US President Donald Trump and the Republican-controlled Congress over the summer.

Suzanne Jimenez, chief of staff of Service Employees International Union-United Healthcare Workers West and the lead sponsor of the ballot initiative, welcomed Huang's response to the proposed tax in a statement late Tuesday.