Nvidia CEO Jensen Huang Says 'Move To California' Even As Billionaires Look To Flee State's Proposed Wealth Tax

Jensen Huang, CEO of Nvidia Corp. (NASDAQ:NVDA), urged people to move to California despite the state’s high taxes on Thursday, a stance that contrasts with the recent exodus of billionaires from the state.

Huang Swims Against the Billionaire Tide

“I say to everybody, ‘Move to California. Don’t leave. It’s the highest taxes in the world, but it’s OK,'” Huang said at Stanford Graduate School of Business alongside Rep. Ro Khanna (D-Calif.).

“The weather is great,” Huang added.

Huang's remarks put him at odds with a growing wave of ultra-high-net-worth individuals leaving California and signal that the state's most prominent tech leaders remain divided over whether its tax climate poses an existential threat to Silicon Valley's dominance—a debate with significant implications for innovation, capital formation, and the broader U.S. technology sector.

Comments from one of the world’s 10th-richest people come at a time when several high-profile billionaires, including tech executives, have been leaving California due to proposed wealth taxes and other financial considerations.

$100 Billion Tax Battle Targeting Silicon Valley’s Wealthiest

A proposed ballot measure called the 2026 Billionaire Tax Act would place a one-time 5% tax on those with a net worth exceeding $1 billion and impose a one-time $1 billion tax on those with at least $20 billion in assets as of Jan. 1, targeting about 200 billionaires living in the state.

Supporters say it could generate around $100 billion to help address funding shortfalls in health care and education.

Billionaires Vote With Their Feet And Their Wallets

Google (NASDAQ: GOOG) (NASDAQ: GOOGL) co-founder Sergey Brin has been quietly amassing a $200 million real estate portfolio in tax-friendly jurisdictions, while fellow Google co-founder Larry Page reportedly moved several business entities out of California amid the proposed wealth tax.

Other tech leaders, such as Meta Platforms Inc. (NASDAQ:META) CEO Mark Zuckerberg, have also taken steps to secure their financial future.

Meanwhile, venture capitalist Vinod Khosla has accused Rep. Ro Khanna of advocating for a “commie” tax that could drive away a significant portion of California’s wealthiest citizens.

Other notable figures to have criticized the proposed tax include Palantir (NASDAQ:PLTR) chairman Peter Thiel, who donated $3 million to a committee opposing the measure, venture capitalist Chamath Palihapitiya and hedge fund billionaire Bill Ackman, both of whom warned the tax could kill entrepreneurship and stifle innovation in the state.

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