An AI startup founder says he's planning a 'March for Billionaires' in protest of California's wealth tax

TechCrunch reports on Derik Kaufmann, founder of AI startup RunRL, who is organizing a 'March for Billionaires' in San Francisco to protest California's proposed wealth tax. The tax, which would impose a 5% one-time tax on individuals with a net worth over $1 billion, has faced backlash from tech elites. Kaufmann, who claims the event is not funded by any outside group, argues that the tax would be detrimental to the startup economy, forcing founders to liquidate shares at unfavorable terms. Despite the march, the legislation is unlikely to pass, as Governor Gavin Newsom has stated he would veto it if it reached his desk.