Nvidia CEO Jensen Huang, ranked as the world’s eighth-wealthiest individual with a net worth of $165 billion, has expressed surprising support for a proposed one-time wealth tax targeting California’s billionaire residents. In a recent Bloomberg interview, Huang demonstrated remarkable equanimity toward the potential 5% levy that would cost him approximately $8 billion, stating he is “perfectly fine” with the proposal.
The tech magnate’s response stands in stark contrast to the alarmed reactions from other wealthy Californians. “We chose to live in Silicon Valley, and whatever taxes, I guess, they would like to apply, so be it,” Huang remarked with notable nonchalance. When questioned about the tax initiative, he revealed that “it never crossed my mind once.”
The proposed ballot measure, if approved by California voters in November, would impose a one-time tax on approximately 200 billionaires residing in the state as of January 1, 2026. Affected individuals would have payment flexibility, allowing them to settle their tax obligation either immediately or across a five-year period. The estimated $100 billion revenue generated would be allocated to bolster the state’s healthcare infrastructure, food assistance programs, and educational resources.
This wealth tax proposal emerged as a direct response to substantial Medicaid cuts implemented by President Donald Trump and the Republican-controlled Congress during summer 2025. The initiative has garnered support from labor organizations, including the Service Employees International Union-United Healthcare Workers West, whose chief of staff Suzanne Jimenez applauded Huang’s pragmatic stance.
Huang’s position diverges significantly from other tech elites like David Sacks, the White House cryptocurrency czar who relocated to Texas in late 2025 apparently to avoid potential tax implications. Sacks predicted that Austin would replace San Francisco as America’s tech capital in response to what he termed “socialism.”
Matt Bruenig, founder of the left-leaning People’s Policy Project, characterized Huang’s reaction as appropriate given the minimal impact relative to his substantial wealth: “‘Who cares?’ is absolutely the appropriate reaction. It means nothing to him.”