Palmer Luckey, known for founding Oculus VR and currently leading defense tech company Anduril valued at $61 billion, has declared he will remain in California despite the state's proposed billionaire wealth tax. While Luckey opposes the tax, which targets the net worth of the richest residents including unrealized and illiquid assets, he emphasized his commitment to fighting the measure rather than leaving. He cited the unique value of California and expressed concern over the impact the tax could have on companies and the broader tech ecosystem in the state.

Luckey acknowledged pressure from other billionaires who see leaving California as a form of solidarity against the tax, but he disagrees with this approach. He believes the tax is flawed not because of taxation itself but because it is driven by a specific union with focused interests, namely a branch of the United Healthcare Workers. Luckey worries about how the revenue raised would be controlled and the unforeseen consequences it could have on company leadership and innovation in the state.

A major point of contention Luckey raised is that the wealth tax would also count voting control of companies as ownership. This means those with super-voting shares, such as many founders including himself, could face tax liabilities disproportionate to their actual economic stake. For instance, Luckey noted he owns less equity in Anduril than his employees but maintains majority voting rights—a factor that the tax may target, potentially creating a massive tax burden unrelated to liquid or realized wealth.

Despite potential personal financial consequences that could reach into billions, Luckey remains firm in his decision to stay in California and contest the measure. He hopes the tax either does not pass or faces legal challenges that would protect founders from unprecedented taxation on control interests rather than ownership. As a native Californian and founder deeply involved in the state’s tech and defense industries, Luckey is committed to advocating for change rather than relocating.