Travis Kalanick Flees California Tax

Travis Kalanick, co-founder of Uber, has announced his relocation from United States — California to United States — Texas on December 18, 2025. This move is part of a growing trend of billionaires, including Mark Zuckerberg, Larry Page, Sergey Brin, Peter Thiel, and Jeff Bezos, leaving United States — California, largely in anticipation of the proposed 2026 Billionaire Tax Act. This act would impose a one-time 5% tax on fortunes exceeding $1 billion for individuals residing in United States — California as of January 1, 2026. While Travis Kalanick did not explicitly state the tax as his reason, the timing of his move suggests it was a factor. United States — California Governor Gavin Newsom is actively opposing the tax, fearing it will accelerate the exodus of wealthy residents and corporations, which could lead to significant revenue loss for the state. States like United States — Texas and United States — Florida, with their lower taxes and business-friendly environments, are becoming preferred destinations for these individuals and companies, including Palantir, ExxonMobil, and Chevron Corporation.