Thiel Capital, founded by billionaire Peter Thiel, opens a new office in Miami as California debates a wealth tax

Company Expansion - Thiel Capital has opened a new office in Miami, located in the Wynwood area, which is known for its startup and cultural scene [2][3] - The new office is intended to complement Thiel Capital's existing operations in Los Angeles [2] Industry Context - Miami's startup and finance environment has become increasingly attractive, especially during and after the pandemic, leading to relocations from firms based in California and New York [3] - The proposed wealth tax in California, which would impose a one-time 5% tax on residents with net worths exceeding $1 billion, has prompted concerns among billionaires about potential relocations [4][7] Tax Proposal Details - The wealth tax proposal is designed to generate $100 billion over five years to offset cuts in healthcare, education, and food assistance [5][6] - The tax would affect approximately 200 billionaires in California, which has a population of over 39 million [6]