Voters in Silicon Valley rejected the billionaire wealth tax while those in Los Angeles and San Francisco—home to the two top AI companies—wanted it

California is still counting the votes for the 2026 election, but the controversial billionaire wealth tax looks headed for defeat—with help from Silicon Valley. Statewide, the “no” side for Proposition 40 is getting 55% of the vote versus 45% voting “yes.” That split exactly matches how it played out in Santa Clara County, home to tech strongholds like Sunnyvale, Palo Alto, Cupertino, and Mountain View. The wealthy Bay Area enclave of Marin County, which sits just north of San Francisco, also came out against Prop 40 as did San Mateo County, which is just south of the city.

Source: Fortune Crypto