Pro-billionaire march draws small crowd in California

A small crowd gathered in California on Saturday for a march organized to support the state’s billionaires. The physical demonstration drew around three dozen attendees, while another dozen counter-protesters also gathered at the event. Although the physical turnout was small, the unusual premise of a demonstration supporting the ultra-wealthy generated an outsized response on social media platforms, where the event was widely discussed and debated.

The primary target of the protest was the Billionaire Tax Act, a proposed state ballot measure—defined as a proposed law or policy put to a public vote—that would require Californians with a net worth of more than $1 billion to pay a one-time, 5% tax on their total wealth. The proposed tax has drawn high-profile political opposition within the state. California Governor Gavin Newsom is working behind the scenes to block the ballot measure from proceeding. Because the governor would not have the authority to veto the measure if it passes a public vote, his efforts are focused on preventing it from reaching the ballot in the first place, reflecting the high stakes of the state’s fiscal policy debates.

The march was organized by Derik Kauffman, the founder of the artificial-intelligence startup RunRL. Kauffman, who is not a billionaire himself, used the demonstration to voice broader criticisms of California’s state spending and policy decisions. Speaking to reporters at the event, Kauffman stated, “California is, I believe, the only state to give health insurance to people who come into the country illegally. I think we probably should not be providing that.” Fourteen states offer healthcare to some undocumented immigrants.

Why it matters

The friction surrounding the Billionaire Tax Act highlights the deep divisions over wealth taxation in California. Governor Gavin Newsom’s active efforts to block the measure from reaching the ballot underscore the political sensitivity of imposing direct wealth taxes, even in a state known for progressive fiscal policies.