Ripple and Its Cofounders Donate $5 Million Each to Oppose California Wealth Tax

BlockBeats News, March 20, According to TheStreet, Ripple and its co-founder and executive chairman Chris Larsen each donated $5 million to the political action committee Golden State Promise to oppose California's "2026 Billionaire Tax Act."

The proposal calls for California billionaires residing in the state as of January 1, 2026, to pay a one-time 5% wealth tax, with 90% of the proceeds going to public health care. Kraken co-founder Jesse Powell criticized the proposal as a "5% theft on unrealized gains." Due to this tax policy, many billionaires, including Google founders Larry Page, Sergey Brin, and venture capitalist Peter Thiel, have chosen to leave California.