Asger Risom
Nvidia CEO Jensen Huang is urging billionaires to stay in California despite tax concerns, arguing higher taxes are worth it as others leave the state.
As billionaires quietly leave California over tax fears, one of the world’s richest men is taking the opposite stance.
Nvidia chief Jensen Huang says he is staying put — and urging others to do the same.
Billionaires push back
A proposed one-time 5% wealth tax in California has unsettled some of the state’s richest residents.
Several high-profile figures, including Meta CEO Mark Zuckerberg and Google co-founders Larry Page and Sergey Brin, have moved to states such as Nevada and Florida amid the debate.
The proposal has sparked backlash across Silicon Valley, with investors warning it could push wealth and innovation out of the state.
Huang stands firm
Huang, whose net worth is estimated at around $167 billion, struck a different tone during a public talk at Stanford Graduate School of Business.
“I say to everybody, ‘Move to California, don’t leave.’ It’s the highest taxes in the world, but it’s okay,” he said.
He has also said he is “perfectly fine” paying such a tax, adding: “I haven’t thought about it even once.”
Click to display external content from youtube,
– You can always enable and disable third-party content.
You agree to display external third-party content. Personal data may be sent to the provider of the content and other third-party services.
Political battle grows
The proposal is part of a broader push led by Congressman Ro Khanna and Senator Bernie Sanders through the “Make Billionaires Pay Their Fair Share Act”.
Khanna has also supported a California ballot initiative for a one-time wealth tax, though it has drawn opposition from business leaders and politicians.
Critics, including Anduril founder Palmer Luckey, argue the policy would force founders to sell parts of their companies.
Uncertain future
The tax is not yet on the ballot.
Supporters must gather roughly 875,000 valid signatures by late June for it to qualify for a November vote.
California Governor Gavin Newsom has opposed the measure, citing concerns about its economic impact.
AI and jobs debate
Huang also pushed back on fears that artificial intelligence will eliminate jobs.
“I think the narratives of AI destroying jobs is not going to help America,” he said. “First of all, it’s just false.”
Using healthcare as an example, he noted that while AI now supports radiologists, employment in the field has grown.
“The jobs didn’t disappear. The task was automated,” Huang said.
Sources: Stanford Graduate School of Business (YouTube: U.S. Leadership in AI with Jensen Huang, Founder and CEO of NVIDIA, and Congressman Ro Khanna)
