California shuts door on the billionaire wealth tax for which Google co-founder Sergey Brin spent millions but voters in two ‘AI capitals’ wanted it

California’s high-stakes, controversial billionaire wealth tax proposal is defeated. Statewide, voters are rejecting Proposition 40 by a 55% to 45% margin. The outcome delivers a major victory to Silicon Valley’s wealthiest residents, including Sergey Brin, and business interests, who poured hundreds of millions of dollars into stopping the measure – even as voters in two of the state’s biggest cities backed it.

Silicon Valley splits over the 5% tax