What did Chamath and Brad Gerstner say about California's Prop 40 billionaire tax?

Chamath Palihapitiya said he hoped Proposition 40 fails and Propositions 41 and 42 pass. He argued that taxing assets, including illiquid ones, would slowly erode the incentive to build in California and Silicon Valley, though he will pay if it passes. Brad Gerstner predicted Prop 40 would fail even in a blue-wave year and said that would show how badly voters view an asset-seizure tax.

• Chamath said he stayed in California for his family and the businesses he is building.
• Tim Dillon, by contrast, argued investment income should be taxed more like wages and that wealth taxes at extreme levels make sense to most people.

▸In their words

“If it can't win in California in the year of a blue tsunami, like it can never win in America or in other states.” Brad Gerstner · at 1:40:41 — open in the transcript →

Source: our own transcription of the episode. The full conversation is on All-In with Chamath, Jason, Sacks & Friedberg (2026-11-03). Read the whole episode summary →

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