Posts Tagged ‘Priscilla Chan’

California’s Wealth Streams For The Exits

Tuesday, February 10th, 2026

Like fans of a football team that’s already out of the game in the first half, people and corporate entities in tax-and-regulation crazy California have decided to head for the exits while the getting is good.

  • Add Facebook/meta head Mark Zuckerberg to the list of billionaires fleeing ahead of enactment of the state’s wealth tax.

    Once again, the pattern is familiar: raise taxes in California, and watch the private jets head east.

    Mark Zuckerberg may soon be adding Miami to his ever-growing list of luxury addresses. According to people familiar with his plans, the Meta founder and his wife, Priscilla Chan, are exploring a home on Indian Creek Island—an ultra-exclusive, heavily guarded neighborhood often called “Billionaire Bunker”, according to Bloomberg.

    The tiny island is already packed with famous residents, including Jeff Bezos, Tom Brady, Jared Kushner, and Ivanka Trump.

    With an estimated fortune north of $200 billion, Zuckerberg already owns multiple properties across California, Hawaii, Washington, D.C., and near Lake Tahoe. It’s not clear whether Florida would replace any of those homes or just become another stop on his real estate tour.

    But the timing is telling. Bloomberg writes that California is considering a new wealth tax aimed at billionaires, including taxes on unrealized gains. The proposal has rattled investors and helped push several tech leaders out of the state. When Democratic policies start biting, it seems many billionaires suddenly “fall in love” with Florida.

    Chamath Palihapitiya wrote on X: “With Zuck’s move to Florida, California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago. The loss of this tax revenue was totally avoidable but is now forever. All because Gavin Newsom stood motionless as this stupidly written bill, from a fringe union and a handful of socialist academics with an axe to grind, meandered its way into the public conversation without any action from him and freaked everyone out.”

    “These were all people that were paying 13%+ in state income tax every year WITH NO COMPLAINTS UNTIL A FEW WEEKS AGO. And now, for the rest of time, the lost tax revenues from these folks will have to be paid for by the middle class because they are the only group left in California large enough that you can tax to fill the hole.”

  • Zuckerbot isn’t the only one leaving.

    The most expensive condo sale in the Las Vegas area closed in early January for $21 million. If the sale of the 5,000-square-foot penthouse about 15 miles from the Las Vegas Strip had closed just a little more than a week earlier, it potentially could have saved the buyer a few hundred million dollars.

    “He was looking for a while, and at the last minute, there was a little bit of a hiccup,” real estate agent Ivan Sher told Business Insider of the sale. “He was actually even under contract significantly before then.”

    That “he” is billionaire Don Hankey, the chairman of Hankey Group and a lifelong Californian worth a reported $8.2 billion.

    Hankey is one of a handful of Californians who have decided leave the state due to the proposed Billionaire Tax Act — a bill that would subject California residents worth more than $1 billion to a one-time tax worth 5% of their assets. For someone like Hankey, that’s about $410 million.

    “I just felt a little bit like I wasn’t wanted,” Hankey told Forbes of why he chose to leave California.

    Sher, who repped Hankey’s $21 million penthouse sale on both sides as the founder of real estate agency IS Luxury, said that while Las Vegas’ luxury market was already heating up, the news out of California kicked it into a higher gear.

    “If people were to ask me what percentage of my buyers were from California, I’d say probably about 25%, and then for the first few years after COVID, that number was closer to 80%,” Sher said. “As soon as that billionaire tax was proposed, the exodus began again — but at a much higher level.”

    The Las Vegas metropolitan area had about 331 millionaire households in 2019, according to RentCafe data. In 2023, that number jumped 166% to 879 households.

    Natalia Harris has been selling ultra-luxury real estate in the Las Vegas area for the last five years. In that time, she said the definition of “ultra-luxury” has changed in the Silver State.

    “Back then, a home that was $10 million was ‘Wow’ for Vegas — that was at the top of the price point,” Harris told Business Insider. “Now we have three new listings that we just brought to market last week that are all between $11 million and $20 million.”

    Zain Aziz, the founder of technology firm Atom and one of Harris’ high-net-worth clients, moved to the Las Vegas suburb of Henderson, Nevada, in 2025. He said leaving the high taxes and hectic lifestyle of Silicon Valley behind was bittersweet.

    “You don’t really want to get punished if you do good and you create more jobs,” Aziz said. “I believe the Las Vegas Valley has become more and more what’s synonymous with what California used to be — which was free-spirited and ‘Come and achieve the impossible,'” he added.

    Aziz isn’t the only one taking his assets elsewhere. Google cofounder Sergey Brin recently spent $42 million on a Lake Tahoe home on the Nevada side, according to Bloomberg. Larry Page, Google’s other cofounder, found a tax haven on the East Coast, buying two properties totaling about $173 million in South Florida.

    Billionaire Larry Ellison, who owns homes across the country and the world, bought a handful of properties in Lake Tahoe near the California-Nevada border. He also recently sold his San Francisco home for $45 million in the largest sale in the area in 2025, according to the San Francisco Standard.

  • But California doesn’t just want to suck the wealth out of residents, it drains the wallets of people who just work there briefly. Like Super Bowl quarterbacks.

    Yesterday, the Seattle Seahawks beat the New England Patriots in Super Bowl LX at Levi’s Stadium in Santa Clara, California.

    From a financial perspective, each Seahawks player will take home $178,000—payment for that particular game.

    Now, given that the Superbowl was played in California—and the players earned money playing in the game— it’s reasonable for the state of California to tax that specific income.

    Disagree. Sounds like taxation without representation to me.

    But that’s not the way California looks at it.

    Instead, the state will go back in time, all the way to the start of the NFL season in September, and take their ‘fair share’ of the players’ ENTIRE salaries over the entire season.

    Sam Darnold just WON the Super Bowl…and LOST $71k because it was in California…

    This is what’s known as the state’s “jock tax,” in which they tax non-resident professional athletes based on the number of “duty days” they spend in the state—traveling, practicing, attending meetings, or playing in a game.

    Both teams arrived in California last Sunday, so each player will log at least eight duty days in the state just for the Super Bowl.

    They then divide those California duty days over the entire season, and you end up with a percentage. If a player spends, say, 7% of his duty days in California over the season, then the state claims the right to tax 7% of his entire annual salary— at California’s top marginal rate of 13.3%!

    This is pretty crazy given that the players only earned $178,000 for that game.

    But in the case of Seattle quarterback Sam Darnold, he’ll end up owing Gavin Newsom roughly $249,000 in state taxes this year.

    In other words, Sam Darnold will LOSE over $70,000.

  • It’s not just people leaving California. The insane regulatory environment has refineries shutting down.

    California’s already sky-high gas prices are expected to surge after Valero abruptly shuttered its Benicia refinery amid a spiraling “oil crisis,” a new report claims.

    The Benicia refinery began shutting down on Saturday, four months earlier than planned, a former Valero manager told the California Globe Tuesday.

    Thermal imaging showed the facility went cold as the Crimson Pipeline – which transports crude oil from Southern to Northern California – was also taken offline.

    “We are in an unprecedented oil crisis,” oil expert Mike Ariza told the publication.

    Valero Energy Corp. announced its plans last spring to pull the plug on its 145,000-barrel-per-day refinery by April, a move that is expected to send fuel prices skyrocketing and hobble the state’s refining capacity.

    Refineries are fleeing the Golden State as regulations drive operating costs 26 to 37% higher than the national average. Chevron moved its operations from the Bay Area to Texas, while Phillips 66 powered down its 140,000-barrel-per-day Los Angeles refinery in October.

    Ariza warned that as refineries go dark, more Californians will also skip town, noting that the oil and gas industry supports 536,770 jobs and pumps $338 billion into the state’s economy, the outlet reported.

    He said Valero’s accelerated shutdown comes after the company scrapped its crude oil contracts back in October.

    “Now, Valero is not even seeking to try and sell the refinery,” Ariza told the outlet in December.

    “Even after the state tried to convince Valero to remain open, they elected to shut down. And instead of shutting down in April, they shutdown in January. All due to the state’s egregious regulations and unprecedented unjustified fines.”

    • Democrat-run California never saw a golden goose it didn’t want to kill.

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    Posted in Budget, Democrats, Regulation, Technology | 11 Comments »

    LinkSwarm for February 11, 2021

    Friday, February 11th, 2022

    That Biden Inflation is up to another 40 year high, a BLM founder heads to the big house, Democrats wake the normies, more corrupt insiders playing footsie with China, and only white liberals are upset at Joe Rogan. It’s the Friday LinkSwarm!
    

  • Welcome back Carter inflation is in full swing. “The consumer price index went up by 7.5 percent over the last year, the highest annual increase since February 1982.”
  • Remember the mention in last week’s LinkSwarm about how cooking oil prices drove an Austin restaurant out of business? Well it’s a global problem that’s leading to record-high food prices.
  • “Activist who founded Black Lives Matter Memphis is sentenced to six years in prison for illegally voting when she was still on probation for felonies including stalking….Pamela Moses, 44, voted illegally six times since she pleaded guilty to evidence tampering, forgery, perjury, stalking and theft under $500, seven years ago.”
  • “PINKO ALERT: Kindergarten Kids in Masks Forced Into BLM School Parade, and That’s Just the Beginning.”
    

  • The Democratic education establishment done screwed up by waking up normie parents.

    Many public schools kicked off 2022 by switching back to remote learning — or canceling classes altogether — leaving frustrated parents across the country frantically searching for more consistent schooling options.

    These past two school years of remote and hybrid learning, forced masking, and an intensified culture of unpredictability has pushed teachers, administrators, students, and parents to very edge. What began as a temporary interruption to student learning has become a vicious cycle of confusion, inconsistency and lost educational time.

    Thanks to the unreliability of distance learning, children are retaining less of what they’ve learned, reading at lower grade levels and suffering from a lack of social interaction. There is little to no support for children who rely on school to provide a safe haven from difficult home lives, and students in free or reduced meal plans have a harder time receiving them.

    As school policies continue to isolate students from friends and peers, such as forcing students to eat their lunch outside on buckets, or facing the same direction without talking, the tragic numbers of adolescent depression, anxiety, and suicide continue to rise.

    Millions of exasperated parents, many in deep-blue cities and states, are desperately pursuing educational alternatives that better suit their families’ needs and values. Parents are enrolling their children in private and charter schools in droves, while those without the financial means to do so remain stuck in a system captive to the whims of teachers’ unions and indifferent school boards.

    Many teachers are going above and beyond in the name of what is best for kids, but their ability to truly innovate and explore new ways of teaching and inspire learning is being blocked by the unnecessarily restrictive demands of union leadership.

    These unions tend to operate at state and national levels in ways that do not represent most of their members. Rather than sticking up for these vulnerable children, unions — as recently exemplified by the Chicago Teachers Union — are prioritizing strikes, walkouts and funding political campaigns, halting true progress as students remain stranded at home.

    Fed-up teachers across the country have resigned their union membership, tired of their dues dollars funding an agenda they don’t support.

  • “Doctor Says She Was Pressured to Make Omicron Sound More Dangerous.”

    Dr. Angelique Coetzee is the South African responsible for alerting health officials about the omicron variant of COVID-19 back in November. At the time of the discovery, she observed that it presented “unusual but mild” symptoms.

    This was undeniably good news. Despite being more transmissible, the omicron variant was less severe, and many believed that it meant that the pandemic was nearing its end. But Dr. Coetzee says that she was subjected to “a lot of pressure from European scientists and politicians” to revise her original diagnosis that omicron presented mostly mild symptoms so that the public would perceive omicron to be just as dangerous as the delta variant.

    She was subsequently attacked for her refusal to push the preferred narrative.

    “Because of all of COVID’s mutations, all of these scientists and politicians who aren’t from South Africa were contacting me telling me I was wrong when I spoke out, that it was a serious disease … they were telling me I had no idea what I was talking about, they kept attacking me,” she told the Daily Telegraph. “In South Africa it is a lighter disease, but in Europe it has been a serious, serious illness, which is what the politicians want me to say … there has been a lot of pressure from European scientists and politicians who have said ‘Please don’t say it is a mild illness.’”

    There’s nothing our leftwing ruling elites won’t corrupt. (Hat tip: Stephen Green at Instapundit.)

  • Nepo, meet Tism: “GM hires [Missy Owens], Biden niece, former Obama aide to head environment, sustainability and governance policy.” It’s a very exclusive club, and none of us are in it.
  • Speaking of nepotism by our elites: “Liz Cheney’s Hunter Biden problem: Husband’s firm reps China companies, dictatorial regimes.”

    Rep. Liz Cheney (R-Wyo.) called on the U.S. to stand up to the “generational threat” posed by China while unveiling a major report on Beijing’s “malign behavior” at the same time her husband’s law firm was working on behalf of companies linked to China’s military, intelligence, and security services.

    As Cheney stood at the podium, her husband Philip Perry’s law firm was cashing in on legal and lobbying work that his employer — Latham & Watkins (LW), one of the largest law firms in the world — was doing for a host of Chinese companies, some of which were involved in the kind of activity that Cheney was warning had to be stopped.

  • More fallout from the midterm variant: Suddenly dire emotional appeals about Republican governors dropping mandates become strangely clinical when it’s Democrats doing the same thing.

  • “The GOP is gaining among Texas Hispanics. Women are leading the charge.”

    Democrats were caught off guard by Donald Trump’s numbers in South Texas in 2020. The Hispanic Republican women who live there were not.

    Many of them have played a leading role in urging their neighbors in majority-Hispanic South Texas to question their traditional loyalty to the Democratic Party.

    Hispanic women now serve as party chairs in the state’s four southernmost border counties, spanning a distance from Brownsville almost to Laredo — places where Trump made some of his biggest inroads with Latino voters.

    A half-dozen of them are running for Congress across the state’s four House districts that border Mexico, including Monica De La Cruz, the GOP front-runner in one of Texas’ most competitive seats in the Rio Grande Valley.

    It’s some of the clearest evidence that Trump’s 2020 performance there may not have been an anomaly, but rather a sign of significant Republican inroads among Texas Hispanics — perhaps not enough to threaten the Democratic advantage among those voters [Keep whistling past that graveyard. -LP], but enough to send ripples of fear through a party that is experiencing erosion among Hispanics across the country.

    “For so long, people here just never had Republicans knocking on their doors and calling them the way we did in 2020. The majority of us are women that did it then and are doing it now because we feel it’s our responsibility to keep the American Dream alive,” said Mayra Flores, a leading candidate for the GOP nomination in a South Texas-based congressional seat.

    For Flores, the road to becoming a Republican was similar to the path traveled by many Hispanic women in South Texas. She grew up seeing most of her immigrant family vote Democrat and felt that it was standard for Hispanics to only vote for Democrats. Then, she says, came an inflection point where she began to question her loyalty to the party.

    A family member asked if she knew what both parties stood for, and after looking into it, Flores felt that her religious, anti-abortion and pro-border security views were more conservative than she’d ever thought and more in line with the GOP. Five years ago, she got involved in her local GOP and now a majority of her family votes Republican, too.

    She wasn’t surprised at all to see Republicans gain ground in 2020 along the Texas-Mexico border, even as Democrats and Republicans outside the region expressed shock at results in places such as Zapata County — where Trump became the first GOP presidential nominee since 1920 to carry the county.

    Neighboring Starr County saw the most dramatic shift of any county in the state when thousands more Republicans turned out to vote than in prior elections. While President Joe Biden ultimately won the county with 52 percent of the vote to Trump’s 47 percent, that paled in comparison to Hillary Clinton’s 2016 performance, when she garnered 79 percent to Trump’s 19 percent.

    Can you hear them now, Democrats? (Hat tip: Push Junction.)

  • “Nationwide Battle Escalates Over Private Millions Bankrolling Public Elections.”

    Democrats want to continue allowing private money to fund public elections. Republicans want to limit the practice, which they say gave Joe Biden an unfair and perhaps decisive advantage over Donald Trump in the 2020 presidential contest.

    So far, at least 10 Republican-controlled states have passed laws to prohibit or limit the use of private money in public elections. These include the swing states of Arizona, Florida, Georgia, and Ohio. In another swing state, North Carolina, Democratic Gov. Roy Cooper vetoed such legislation, as did other Democratic governors.

    During 2020, nonprofits donated more than $400 million to state and local election boards to support their work and get out the vote. Most of the funding, about $350 million, came from Facebook founder Mark Zuckerberg and his wife, Priscilla Chan, distributed primarily through the Center for Tech and Civic Life, a Chicago-based progressive-led group that includes former operatives of President Barack Obama.

    Democrats and others contend that such money is necessary to support the work of underfunded election boards facing the added challenges of the pandemic. Republicans assert that the private grants were disproportionately allocated to counties eventually won by Biden, a mismatch that hurt them in 2020 and, if continued, would damage their chances in future elections.

    (Hat tip: Director Blue.)

  • Texas is doing well. New York? Not so much.

  • Carjackadephia.

    District Attorney Larry Krasner (D-Philadelphia), one of the George Soros-funded stooges who took office in some of our major cities with the explicit promise to reduce prosecutions, tried to tell people that yes, crimes with firearms had increased, but other crimes were down. That, of course, was bovine feces.

    The real reason for the increase in carjackings? It’s because the perps simply aren’t very afraid of being caught, or, if they’re caught, being seriously punished, not with a ‘social justice’ District Attorney in charge of prosecutions.

    (Hat tip: The Other McCain.)

  • Another week, another hate crime hoax. “A 19-year-old black female college student at Southern Illinois University Edwardsville (SIUE) is now facing disorderly conduct charges over lying to police after she reported a hate crime incident in her dorm last month….black female college student Kaliyeha Clark-Mabins now faces three disorderly conduct charges for filing a false police report over the matter.”
  • “The Biden Administration is now sending crack pipes to drug addicts in the name of “racial equity.” Happy Black History Month!
  • “That’s my n*gg*r, Joe Rogan! Fuck the noise!”

  • Related:

  • Freedom!

  • For sale: 1978 Ford F-250 Lariat, 139 miles. No, that last number isn’t missing three digits.
  • “CDC Director Now Says To Just Do Whatever Texas Did 12 Months Ago.”
  • The dog makes an eloquent case.

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    Posted in Crime, Democrats, Economics, Media Watch, Republicans, Social Justice Warriors, Texas, unions, Welfare State | No Comments »