Tech billionaires reportedly plotting $500M fund to reshape California politics
(KRON) – Tech billionaires, apparently influenced by efforts to bring a proposed “billionaire tax” to the ballot next fall, are reportedly planning an effort to reshape California politics in their favor. According to this one Report on Bloomberg He said Silicon Valley billionaires are proposing a multi-million dollar fund to power a political machine that would represent the ultra-wealthy and tech elite.
According to Bloomberg, the fund would give the class of tech billionaires a means to counter the interests of labor unions, progressive groups and other groups currently influencing politics in the Golden State.
Organizers of the effort are reportedly seeking $100 million this year with hopes of reaching between $500 million and $1 billion in the next few years, according to a Bloomberg report citing people familiar with the matter.
AI less popular than ICE, poll finds
According to Bloomberg, supporters of this effort include Greenoaks Capital founder Neil Mehta, Y Combinator CEO Garry Tan and Palantir co-founder Joe Lonsdale.
Garry Tan, chairman, chief executive officer and co-founder of Y Combinator, during the Bloomberg Technology Summit on Thursday, May 9, 2024 in San Francisco, California, United States. Bloomberg Tech is a future-focused meeting that aims to stimulate discussions about the latest technologies and future applications for business. Photographer: David Paul Morris/Bloomberg via Getty Images
“Many people support their efforts on both political sides,” Lonsdale said in an email to Bloomberg. “We all want to see a more level political playing field where common-sense, moderate policies focused on making California more economical and pro-growth can win.”
The initiative is reportedly called the California Renewal project and will involve the creation of an endowment-type fund that will move through election cycles by financing political contributions through their own investment returns.
Copyright 2026 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Go to KRON4 for the latest news, weather, sports and streaming video.
