Nvidia's Jensen Huang says $7.75 billion proposed billionaire tax is 'perfectly fine'

Jensen Huang said he is "perfectly fine" with a proposed one-time 5% wealth tax that could cost him about $7.75 billion; the initiative needs more than 870,000 signatures to reach California's November 2026 ballot.

Jensen Huang said he would be "perfectly fine" with a proposed one-time wealth tax that could cost him about $7.75 billion. The measure would impose a 5% tax on total assets of California residents whose net worth exceeds $1.1 billion as of the start of 2026. It was proposed in November by a healthcare workers' union and has been promoted by lawmakers including Rep. Ro Khanna and Sen. Bernie Sanders. Backers say the revenue would go to state health care, public schools and food assistance, responding to a reported state budget shortfall. Key facts: - The proposal would levy a one-time 5% tax on total assets of residents with net worth above $1.1 billion as of the start of 2026. - The initiative needs more than 870,000 signatures to qualify for California's November 2026 ballot. - The proposal would exclude real estate assets, according to an analysis by California's nonpartisan Legislative Analyst's Office, and would allow payments to be spread over five years. - The article reports Huang's estimated net worth at roughly $155 billion and says the tax could total about $7.75 billion for him. - Proponents estimate the measure could raise about $100 billion from the state's 200 wealthiest individuals, and the article mentions a Forbes estimate that much of Huang's wealth comes from roughly 3% ownership of Nvidia, which it says is valued at more than $4.6 trillion. Summary: Huang's public remark frames a high-profile individual's reaction as proponents work to gather signatures to place the proposal before voters. The next formal step for the initiative is to collect the required signatures to reach the November 2026 ballot; otherwise its progression is undetermined at this time.