Bill Ackman Blasts Ro Khanna For Defending Billionaire Tax: 'Lost His Way' - SPDR S&P 500 (ARCA:SPY)

Core Viewpoint - Bill Ackman, CEO of Pershing Square Capital Management, has publicly withdrawn his support for Congressman Ro Khanna due to Khanna's defense of a controversial California wealth tax proposal, which Ackman believes contradicts Khanna's previous stance against taxing unrealized gains [1][2][3]. Group 1: Tax Controversy - The proposed California initiative could impose a tax of up to 5% on the net worth of billionaires, which has sparked significant debate [3][4]. - Ackman argues that aggressive taxation will lead to an exodus of entrepreneurs and job creators from California, citing concerns from tech leaders like Peter Thiel and Larry Page about leaving the state to avoid the tax [4]. - Venture capitalist Chamath Palihapitiya supports Ackman's view, warning that the tax could harm entrepreneurship by forcing founders to liquidate assets to pay taxes on unrealized wealth [4]. Group 2: Khanna's Response - Congressman Khanna has dismissed the threats of an exodus, asserting that the talent pool and ecosystem in Silicon Valley are more robust than the presence of individual billionaires [5].