Mercor CEO Brendan Foody warns a proposed tax on illiquid stock over $100 million would bankrupt startup founders

Oh no, they fly economy! The average American will not want to be like them 😢

@hackradios Many founders are. even if they sell stock it tends to be a very small portion of their positions, not nearly enough to cover a 9 figure tax bill.

Newsom is single-handedly trying to decimate California and the decades of compounding that made it what it is today

he is *proactively undoing* decades of accumulated advantage

California became what it is precisely by embracing the opposite approach to policy, business & regulation

An insane thing to watch unfold

@BrendanFoody I am an entrepreneur and capitalist. There are many ways to tax billionaires without taxing illiquid assets.

If we don't find a way to counteract capital appreciateing at 10% a year while labour increases 3% a year we are heading for French Recolution 2.0.

Sorry Brendan but it Iiterally isn’t possible to maintain this view and continue to reside in CA. Retroactive asset seizures are fs on the table and it’s only a matter of time before it reaches his desk

Either elites need better coordination or they just don’t believe it will come fast enough. Either way there isn’t an exit strategy

@BrendanFoody Dude idk what is wrong with Newsom but I don’t think I’ve ever watched a video of someone that seems more unnatural. Weird cadence, intonation, hand gestures. He’s just very incongruent. How did he ever become a politician? The bar is so low

@BrendanFoody I work 35 hours a week and I make 450k a year because I outsource work to foreign immigrants. This would be a devastating blow to us ruling class. Those immigrants will starve because of this.

@BrendanFoody yes

@BrendanFoody Bingo. Gavin is a retard.

@BrendanFoody I actually watch this and I cringe and I love cringe lmao

@BrendanFoody Yes Democrats today are anti-American. They are actively trying to destroy the United States. They hate everything about the US. They want a dei communist dictatorship. I don't know why anyone is still confused about this.

@BrendanFoody 👏🏻👏🏻👏🏻

@BrendanFoody @WSummerlinAI He’s talking about the super billionaires. They used our infrastructure to build their empires. Time to pay for all that. Their employees are paying taxes. We have the lowest tax rates in decades and we have had billionaires before.

Not about mom and pops

@BrendanFoody @WSummerlinAI If they’re obsessed with their mission and impact on the world, why would this change that? Unless that’s not really their motivation

@BrendanFoody What country would they mostly flee to?

Nobody serious wants to bankrupt seed-stage founders on paper valuations. That is the straw man. The issue is mature billionaire wealth that is liquid, leverageable, inheritable, and politically powerful while avoiding the tax treatment faced by W-2 labor. Stop using startup founders as camouflage for dynastic capital.

@BrendanFoody Don’t take Brendan’s toys!

@BrendanFoody You're not eating ramen by the time your company hits the kind of valuation needed for your stake to be on the order or a billion dollars. By that time everyone has a few chips off the table and loves very comfortably.

@BrendanFoody

@BrendanFoody billionaire complains about billionaire tax on twitter: