Billionaire tax opponents spend more than $1 million a day

Summary

Tech billionaires have raised more than $340 million to defeat California’s proposed Prop 40, a one-time 5% wealth tax intended to fund healthcare and education, The Guardian reports. State campaign disclosures show the opposition spent at least $21.2 million during the first 19 days of September, averaging more than $1 million a day, with the election less than a month away.

Timeline

1. The Guardian

   16 Oct 2026, 13:00 UTCSource ↗

   The Guardian reports that tech billionaires have raised more than $340 million to oppose Prop 40 and that campaign disclosures show the opposition spent at least $21.2 million in the first 19 days of September.