(KRON) — Tech billionaires apparently alarmed by efforts to put a proposed “billionaire tax” on the ballot next fall are plotting to reshape California politics in their favor, according to reports. Silicon Valley billionaires are proposing a multimillion-dollar fund to bolster political machines representing the super-rich and tech elite, Bloomberg reports.
The fund would provide the tech billionaire class with a means to counter the interests of unions, progressive groups and other groups currently influencing politics in the Golden State, Bloomberg reported.
Organizers of the event expect to raise $100 million this year and hope to reach $500 million to $1 billion in the next few years, Bloomberg reported, citing people familiar with the matter.
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According to Bloomberg, backers of the project include Greenoaks Capital founder Neil Mehta, Y Combinator CEO Garry Tan and Palantir co-founder Joe Lonsdale.
Y Combinator President, CEO and Co-Founder Garry Tan at the Bloomberg Technology Summit in San Francisco, California, USA, Thursday, May 9, 2024. The Bloomberg Technology Summit is a future-focused gathering designed to spark conversations around cutting-edge technologies and future business applications. Photographer: David Paul Morris/Bloomberg via Getty Images
“Many people support the effort on both sides of politics,” Lonsdale told Bloomberg in an email. “We all want to see a more level political playing field where common-sense, moderate policies win out and focus on making California more affordable and good for economic growth.”
The initiative, dubbed the California Recovery Project, will reportedly involve the creation of an endowment fund that will fund political donations through its own investment returns throughout the election cycle.
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