The New York Times reports:

Some of Silicon Valley’s ultrawealthy have been in a financial frenzy in recent weeks over how to protect their assets from a proposed California ballot measure that would tax their billions. Now comes the next, more muscular phase: trying to beat the proposal, which supporters are trying to place on the ballot in November.

The first seven-figure political donation that can be used to defeat the so-called billionaires tax became public on Friday: Peter Thiel, the venture capitalist and chairman of Palantir, donated $3 million to a committee opposing the proposed initiative, according to a new disclosure.

The contribution, made on Dec. 29, went to Californians Against Higher Taxes, a committee run by a state business lobby, the California Business Roundtable. It is expected to be the first of several major contributions in 2026 from Silicon Valley leaders.

Read the full article. It’s a one-time 5% tax.