Anduril Industries founder Palmer Luckey said he plans to stay in California even as he opposes a proposed state tax on billionaires' net worth, TechCrunch reported Tuesday¹.

Luckey, who sold virtual-reality headset maker Oculus VR to Facebook for $2 billion in 2014, now runs Anduril from Costa Mesa, California, near Long Beach, where he grew up¹. TechCrunch said Anduril was last valued at $61 billion¹.

Speaking at an invite-only press conference on Monday, Luckey said the measure would cause problems and prompt people and companies to leave, but added he is not leaving¹. "I still believe that we can fix things," he said, according to the report¹.

He said other wealthy friends have urged him to leave in solidarity so staying would not undercut opposition to the policy¹. He also said his objection is not paying taxes in general, but that a United Healthcare Workers unit sponsoring the measure would use the money "for their uses"¹. Sponsors say funds would go to health care, education and food assistance, including Medi-Cal, according to TechCrunch¹.

The proposal would tax wealth including unsold and illiquid assets, with penalties as high as 40 percent, the outlet said¹. Luckey called the treatment of founder control of a company the biggest problem¹. The Tax Foundation, cited by TechCrunch, said the measure would treat voting control as ownership of at least that share of a company, affecting founders with super-voting shares¹.

Sources

1. TechCrunchBillionaire Palmer Luckey isn’t leaving California over the wealth tax9:01 AM

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