Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.
Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.
The taxes aren’t on one person though, they’re on everyone. Everyone looking to sell their stocks at tax time => price goes down because no one is looking to buy.
If their portfolios were properly diversified, you wouldn’t see that effect on the overall market.