California’s proposed billionaire wealth tax is sending ripples through markets and Silicon Valley alike. The initiative, expected to target individuals with net worth above $1B, would apply a one-time 5% tax, including on unrealized gains. If passed, it could directly impact founders and major shareholders tied to stocks like $NVDA, $META, $GOOGL, $AAPL, and $TSLA, where much of their wealth is concentrated in equity rather than cash. The concern from investors is less about the immediate tax bill and more about precedent. Taxing unrealized gains could force asset sales, increase volatility in mega-cap stocks, and potentially accelerate capital migration out of California. Some argue this could weaken the state’s appeal as a hub for startups, venture capital, and innovation. On the flip side, supporters believe the measure could unlock billions in funding for public services without affecting everyday taxpayers. Markets haven’t priced in any direct impact yet, but if momentum builds toward a 2026 ballot win, high-profile names and their stocks could see sentiment-driven pressure, especially around residency shifts, estate planning, and long-term capital allocation. Do you see this as a symbolic political move, or a real policy risk that investors should start factoring into large-cap tech valuations?