Nvidia’s Jensen Huang ‘perfectly fine’ with prospect of California billionaire tax

Nvidia CEO Jensen Huang told Bloomberg Television in an interview that California’s proposed billionaire wealth tax does not concern him. The proposal would tax individuals with net worth exceeding $1 billion and is being promoted by labor unions seeking to fund health care and education programs.

“We chose to live in Silicon Valley and whatever taxes, I guess, they would like to apply, so be it,” Huang said. “I’m perfectly fine with it. It never crossed my mind once.” Huang, 62, leads Nvidia, which is headquartered in Santa Clara, and is estimated to be worth more than $160 billion. His remarks come as multiple Bay Area billionaires have relocated to states with lower tax burdens.

Wealth tax mechanics and timeline: The ballot initiative, authored by the Service Employees International Union-United Healthcare Workers West, would impose a one-time 5% tax on individuals with assets exceeding $1 billion. Supporters say the revenue would fund health care, education and food assistance programs. The tax would also apply retroactively to California residents as of Jan. 1 if approved by voters.

Billionaire moves and state response: Several Bay Area billionaires have since moved residences or business operations to Texas and Florida, states without personal income taxes, as the proposal gains traction. Venture capitalist Peter Thiel recently opened a new office in Miami, David Sacks relocated to Austin, and former Google CEO Larry Page has explored reducing his ties to California, according to public reporting. Gavin Newsom has warned that a state-level wealth tax could spur departures, saying at a recent New York Times DealBook Summit, “You can’t isolate yourself from the 49 others.”