Luckey Stays in California to Fight a Wealth Tax That Could Seize His Voting Power

When a billionaire who sold a VR company for $2 billion says he won’t leave California, the reason is not a love of sunshine but a fight against a tax that could strip him of his voting power. The measure would tax the net worth of the richest residents, including unrealized assets, and could impose penalties as high as 40%.

Because the bill treats voting control as ownership, a founder with a large share of voting rights but a smaller share of equity could be taxed as if he owned a larger portion. Luckey says he could owe 5% of Anduril’s $61 billion, a bill that would be hard to cover by selling shares.

Luckey, who has given most of his company’s equity to employees, says leaving would strip him of voting rights that only survive while he remains an American citizen in the U.S. He contrasts himself with Larry Page, who left California but still holds 27% voting control of Alphabet, a company worth just under $4 trillion.

Luckey plans to stay and fight, hoping legal challenges will stop a post‑factum seizure of future wealth and the tax on control.