Nvidia CEO Acknowledges Wealth Tax Proposal in California
Jensen Huang, the billionaire CEO of Nvidia, has expressed support for a proposed one-time 5% wealth tax aimed at California’s ultra-wealthy residents, setting him apart from many of his affluent peers who oppose it.
Should the legislation pass, it would affect over 250 millionaires in the state, many of whom believe the tax could drive the richest individuals out of California.
Interestingly, Mr. Huang, who ranks as the eighth richest person globally, seems unfazed. “We choose to live in Silicon Valley; whatever the taxes are, they’re going to want to apply, and that’s fine,” he told Bloomberg TV. “No problem at all. It never crossed my mind,” he added.
Forbes estimates Huang’s net worth at around $163.2 billion, meaning he could owe approximately $8.16 billion under this tax proposal. Nvidia, under his leadership, reported a revenue of $57 billion in 2025. Huang himself owns about 3% of the company’s stock, which has been publicly traded since 1999.
This ballot initiative was introduced by the Service Employees International Union-West United Health Workers Union (SEIU-UHW), representing over 120,000 healthcare workers in California. The measure aims to tax assets like stocks, art, and intellectual property, while exemptions would apply to real estate and most retirement benefits. The funds generated are expected to primarily support medical expenses, potentially raising tens of billions over the years, according to the California Attorney General’s Office.
Chamath Palihapitiya, a venture capitalist, has voiced his concern that the wealth tax might exacerbate California’s budget deficit. He noted, “People I know with a combined net worth of $500 billion left California in a hurry yesterday.” In his view, fraud and misuse are rampant in the existing revenue collection system.
Meanwhile, Larry Page, co-founder of Google, appears to be ahead of the curve—reports suggest he may have already relocated out of California. Other prominent individuals, like Peter Thiel, co-founder of PayPal, and Larry Ellison, co-founder of Oracle, have also shown signs of departing.
Distant from these sentiments, California’s leadership has not fully aligned on this issue. Governor Gavin Newsom recently postponed the tax proposal, emphasizing the necessity for the state to maintain its competitive edge. “We are in a competitive environment,” he remarked, advocating a realistic perspective.
Supporters of the tax, however, argue the fears about billionaires leaving California are exaggerated and that the wealth tax represents a fair solution to address the looming funding gap for Medicaid.
