Tech billionaires are spending tens of millions of dollars to influence California politics. Giants like Google, Meta, and Palantir co-founders are backing various campaigns ahead of November elections. They aim to fight a proposed billionaire tax and support a tech-friendly gubernatorial candidate. California’s current governor, Gavin Newsom, is term-limited, and the tech world sees San Jose Mayor Matt Mahan as their new ally. Mahan, a former tech entrepreneur, has already raised more campaign funds than key Democratic rivals. The proposed “California Billionaire Tax Act” would impose a one-time 5% tax on residents worth over $1 billion to fund education and health programs. Tech billionaires like Peter Thiel and Meta’s Mark Zuckerberg are opposing it and moving assets out of the state. They also fund groups to fight the tax, including the California Business Roundtable. Tech companies are pushing Super PACs with millions of dollars to fight AI regulation and aid pro-tech candidates. Meta launched two new Super PACs, investing $65 million combined, while crypto leaders started Grow California with $10 million. Industry experts say this is a “golden moment” for tech to increase its political power in California. With 2026 dubbed the “big tech flex” year, the battle over policies, tax, and leadership is just beginning. "If you’re an uber-zillionaire, you give money early and often," said political scientist David McCuan.