Ripple and its co-founders each donated $5 million to oppose California's wealth tax.

03-20

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According to Mars Finance, TheStreet reports that Ripple and its co-founder and executive chairman Chris Larsen each donated $5 million to the Golden State Promise political action committee to oppose California's "Billionaire Tax Act of 2026." This proposal would require California-residing billionaires to pay a one-time 5% wealth tax, with 90% of their income earmarked for public healthcare. Kraken co-founder Jesse Powell criticized the proposal as "5% theft of unrealized gains." Affected by this tax policy, several billionaires, including Google founder Larry Page, Sergey Brin, and venture capitalist Peter Thiel, have chosen to leave California.

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