A Signal chat gathers Silicon Valley figures opposing California's billionaire tax.

Dozens of tech figures are using a Signal group called "Save California" to oppose a proposed one-time 5% tax on individuals with more than $1 billion in net worth; the initiative needs about 875,000 signatures to get on the November ballot.

Dozens of Silicon Valley figures are discussing a proposed California ballot initiative in an encrypted Signal group called "Save California." The proposal would impose a one-time 5% tax on individuals with net worth above $1 billion and aims to raise about $100 billion. Participants have exchanged objections, suggested alternatives for raising revenue, and described steps some have taken to reduce ties to California. The measure would need roughly 875,000 signatures to appear on the November ballot. Key details: - The initiative, introduced by SEIU-UHW, would tax global assets of individuals with net worth over $1 billion, exclude certain retirement accounts and real estate, and is estimated by the union to raise about $100 billion from roughly 200 individuals. - The proposal is presented as a way to offset looming healthcare funding cuts tied to a recent federal tax law change, according to the union's public statements. - A Signal chat called "Save California" includes dozens of tech founders, investors and executives who have discussed opposing the measure, proposed alternatives such as closing tax loopholes, and noted actions like leasing or buying property outside California. - The initiative would apply retroactively to residents as of Jan. 1, 2026; organizers need about 875,000 valid signatures to qualify for the November ballot, and phone calls are planned next week to explore possible consensus and opposition strategies. Summary: The Signal chat has become a central place for wealthy tech figures to coordinate responses and discuss alternatives to the proposed one-time wealth levy. The initiative now faces a signature-gathering phase to reach the ballot, and both labor leaders and tech participants have scheduled talks next week to explore compromise or opposition.