Peter Thiel makes his biggest donation in years to help defeat California’s billionaire wealth tax

Core Points - Venture capitalist Peter Thiel has made a significant political donation of $3 million to oppose the proposed 2026 Billionaire Tax Act in California, marking his largest political contribution since the 2022 midterm elections [1][2] - The donation is directed to the California Business Roundtable, a lobbying group that represents large employers and corporate interests, and is expected to play a central role in organizing opposition to the billionaire tax [2][3] - The proposed tax would impose a one-time 5% levy on the net worth of California residents with wealth exceeding $1 billion, targeting various assets while excluding real estate and certain retirement accounts [4] - If enacted, the tax would apply to California residents as of January 1, 2026, with payments starting in 2027, allowing billionaires to spread payments over five years but incurring additional charges for deferred payments [5] - The proposal has sparked concern among California's ultra-wealthy, with some considering relocating to other states, which could impact the state's innovation ecosystem [6]