Group 1 - Gavin Newsom, California governor, opposes the proposed 2026 Billionaire Tax Act, labeling it as "bad economics" and pledging to defeat it [1][4][6] - The Billionaire Tax Act aims to impose a one-time 5% tax on assets exceeding $1 billion for California residents, which supporters claim could generate tens of billions for public services and address inequality [4][6] - Critics, including Newsom, warn that the tax could lead to capital flight and destabilize California's budget, which heavily relies on high-income taxpayers [5][6] Group 2 - Newsom's background includes significant financial backing from Gordon Getty, which helped him become a multimillionaire before entering politics [2] - The initiative has faced strong opposition from Silicon Valley leaders, with notable figures like Chamath Palihapitiya and Bill Ackman criticizing it as detrimental to innovation [7][8] - Opposition funding is increasing, with Peter Thiel reportedly donating $3 million to combat the measure, and other Silicon Valley executives expected to contribute [8]