Tech billionaires and major Silicon Valley companies are ramping up their political spending in California, injecting tens of millions of dollars into ballot measure fights, super PACs, and campaigns up and down the ticket ahead of November's elections.
The spending surge comes as the state sits at the center of a fast-growing artificial intelligence boom and as tech leaders signal they want to head off tougher rules and taxes that could curb the industry's growth, reported The Guardian on Sunday.
"This is a golden opportunity and a golden moment for tech to reset its priorities and its perceptions," said David McCuan, a political science professor at Sonoma State University who studies state lobbying.
McCuan said the industry is taking a multi-pronged approach, with wealthy donors backing candidates for governor and local offices while also funding campaigns pushing for lower taxes and lighter regulation around AI.
"If you're an uber-zillionaire, you give money early and often," McCuan said. "They have more wealth and resources than they've ever had before, so that allows them to play on both sides of the aisle and up and down the ballot and across issues like never before."
For example, the "California Billionaire Tax Act" is a proposal that would impose a one-time 5% tax on the assets of California residents worth more than $1 billion, with the revenue directed toward education, food assistance, and healthcare programs.
The measure, sponsored by the Service Employees International Union-United Healthcare Workers West, could appear on the November ballot if it gathers enough voter signatures.
Some prominent tech figures have signaled they are prepared to relocate out of California if the measure advances.
The list includes Palantir co-founder Peter Thiel, Google co-founders Larry Page and Sergey Brin, and White House AI and crypto czar David Sacks.
Thiel has donated $3 million to the California Business Roundtable, a group that has pledged to fight the proposal. Public records also show Ring founder Jamie Siminoff donated $100,000.
McCuan said well-funded opposition campaigns can often blunt ballot measures before they reach voters.
"The most powerful money in politics is to be on the no-side of a ballot measure," McCuan said.
Gov. Gavin Newsom has also said he will oppose the proposal, warning it would drive away ultra-wealthy residents and harm innovation.
Tech-backed super PAC activity has also expanded in recent months, with multiple committees launching and drawing large contributions.
Meta launched two new super PACs last fall focused on scaling back AI regulation and supporting candidates viewed as friendly to the industry.
Meta contributed $45 million to the American Technology Excellence Project, which plans to operate in multiple states, and provided $20 million to a California-focused committee called Mobilizing Economic Transformation Across (Meta) California.
Meta and Google have each also put $10 million into a separate super PAC, California Leads, according to the account.
The crypto industry has joined the push, launching a group called Grow California.
The committee opened with $10 million from crypto executive Chris Larsen and investor Tim Draper, and Larsen told The New York Times he planned to give an additional $30 million.
With Newsom term-limited, tech leaders are also looking for a new ally in Sacramento. McCuan and others pointed to San Jose Mayor Matt Mahan, a moderate Democrat with a tech background, as a candidate attracting significant industry attention.
Since announcing his candidacy in late January, Mahan has drawn major donations from venture capitalists and tech executives, including Roblox CEO David Baszucki, Y Combinator CEO Garry Tan, GitHub co-founder Chris Wanstrath, CloudKitchens co-founder Diego Berdakin, and Siminoff, according to public records.
Brin also backed Mahan, giving the maximum individual contribution allowed to a campaign, $78,400. Several other donors also maxed out their contributions. Mahan has raised more than double the amount of two prominent Democrats in the race, Rep. Eric Swalwell and former Rep. Katie Porter.
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