economy
Mark Cuban said 'only idiot' founders would stay in California under a wealth tax. We asked 3 founders if they'd leave.
Mark Cuban says startup founders will flee California if the wealth tax passes in November. Business Insider put Cuban's theory to the test.
TL;DR
- Mark Cuban stated that a proposed wealth tax in California would cause startup founders to leave the state.
- Cuban argued that founders might be billionaires on paper but lack the liquid cash to pay such a tax.
- Three startup founders were surveyed, and their responses were mixed.
- Some founders, like Jesse Tinsley, said they would leave California if the tax passed, preferring states like Florida.
- Others, like Jaspar Carmichael-Jack, expressed frustration and said they would seriously consider leaving.
- Jensen Huang and Michal Cieplinski indicated they would stay, citing the importance of Silicon Valley's startup ecosystem and AI boom.
- California will vote on a statewide 'billionaire tax' in November.