Billionaires

A proposed wealth tax in California, supported by Rep. Ro Khanna and labor unions, targets billionaires with a 5% levy on assets to fund healthcare. This initiative faces strong opposition from Silicon Valley tech leaders who warn of a talent exodus, with venture capitalists criticizing Khanna’s approach. The tax could affect unrealized gains for startup founders. While Khanna advocates for adjustments for startups, Governor Newsom expresses caution. Public support for taxing the wealthy is high, though Republicans are reportedly gaining ground in Silicon Valley. Khanna’s safe congressional seat, however, offers him electoral protection.

The combined wealth of Elon Musk, Larry Ellison, and Mark Zuckerberg has reached $1.03 trillion, approaching Berkshire Hathaway’s market cap. This wealth surge stems from their significant equity stakes in Tesla, Oracle, and Meta, driven by investor enthusiasm for AI advancements. Ellison’s wealth nearly doubled this year due to Oracle’s cloud and AI focus, while Zuckerberg’s increased with Meta’s strategic shift and AI integration. Musk may become the first trillionaire under a potential Tesla compensation plan tied to an $8.5 trillion valuation.

NVIDIA’s stock surge, fueled by the AI boom, has pushed its market cap past $4 trillion and created significant wealth for its employees. CFO Colette Kress and EVP Jay Puri are the latest to join the billionaire ranks due to their NVIDIA stock holdings, bringing the company’s total to six. Investor reports suggest around 78% of NVIDIA employees are now millionaires. CEO Jensen Huang humorously acknowledged his role in creating immense wealth within his management team.