Next Tuesday, Californians will vote on Proposition 40, which would impose a one-time 5% tax on the state’s billionaires. It would apply only to people whose primary residence was in California as of Jan. 1, 2026, so several of the state’s wealthiest residents have packed up and shipped out to avoid the extra tax.

One such figure was Travis Kalanick, Uber’s billionaire cofounder. Back in March, he said he had moved to Austin, Texas, on Dec. 18, 2025—just about two weeks before the tax would’ve applied to him. With an estimated net worth of $3.6 billion, Kalanick could have faced a $180 million tax bill. 

“Just to be clear, on December 18, I moved to Texas. I don’t know what’s so specific about December 18, but let’s just say it’s prior to January,” Kalanick told TBPN, hinting at the Jan. 1 cutoff. “Yeah, so I’m a primary resident of Texas.”

Unlike Google cofounder Larry Page, who spent $173.4 million on two Miami estates, Kalanick decided to plant his new roots in Texas. Jeff Bezos made a similar move, leaving Seattle for Miami before Washington passed a millionaires tax.

Read more [paywall removed for Redditors]: https://fortune.com/2026/10/27/billionaire-uber-cofounder-travis-kalanick-moved-to-texas-prior-to-january-dodging-180-million-hit-from-californias-billionaire-tax/?utm_source=reddit/

i’m voting for jane kim because tinkering around the edges at taxpayer expense as ben allen proposes is not a viable long term solution. plus ben allen is in the pocket of big insurance. unprecedented times like these (climate change) require bold leadership and new policies.

there have been a whole of misinformed takes on this race. i encourage people to read the article before commenting.
if you’re a bot, go away.

For all the parents who don’t want MAGA running our schools, there’s a clear choice here on the ballot. I’m 99% positive Sonja only got the nomination because of her “Pro Women” tagline on the ballot during primaries. Tricked a lot of people, including some democrats I know.

But her version of “pro woman” really means “anti-trans” and probably anti the rest of the LGBTQ+ community. I mean, she’s endorsed by Moms for Liberty, if that’s any indication.

A vote for Sonja Shaw is a vote for MAGA.

Meta CEO Mark Zuckerberg intends to maintain control over the company he founded in 2004, and a new class of stock will help him do just that.

On Wednesday as Meta released third-quarter earnings results, the company announced that it would issue a new share class of Class C stock. The share class, which is technically a one-for-one stock dividend of new Class C shares, will be distributed to all shareholders. It was conceived following months of extensive negotiations that grew contentious at times between Zuckerberg and board members, including DoorDash CEO Tony Xu, Ambassador Robert Kimmitt, and ex–Microsoft executive Charles Songhurst. 

Xu disclosed his personal friendship with Zuckerberg but said it wouldn’t impair his judgment. At one point, the committee even talked about resigning if they couldn’t come to a resolution.
According to a Meta filing with the Securities and Exchange Commission, Zuckerberg wanted to be able to maintain his voting control; meet his pledges to fund the Chan Zuckerberg Initiative with his Meta stock; and be prepared to pay billions to the State of California if a proposed wealth tax is approved by voters in November. 

The proposed wealth tax, however, came around the same time as a decision by the company in late 2025 that Meta needed to raise outside capital to help fund the AI boom. Zuckerberg holds about 60.6% of voting control at Meta, while his stake constitutes about 13.4% of the company. 

The rub is if Meta issues more Class A shares—which it does in order to make equity grants to employees, make acquisitions, or raise capital—Zuckerberg’s stake gets diluted. Meta has long offset the dilution with stock buybacks, which helped buoy his voting power from 53.7% in 2013 to 60.6% now. But the buybacks also drain cash that Meta wants to use to fund the AI build-out.

Read more [paywall removed for Redditors]: https://fortune.com/2026/10/21/zuckerberg-meta-california-wealth-tax-billions-class-c-stock/?utm_source=reddit/