Anduril founder Palmer Luckey says he remains committed to living—and operating—in California, even as the state considers a wealth tax aimed squarely at its richest few. At a recent, invite-only press event, Luckey expressed strong opposition to the proposed measure, but made clear he has no intention of packing up and leaving, despite pressure to do so.
Luckey, a billionaire since selling Oculus VR to Facebook in 2014, currently holds voting control in Anduril, a defense tech company valued at $61 billion and based in Costa Mesa—near his Long Beach roots. He views California as a place worth defending, even if he disagrees with what he perceives as the imbalance of policy toward ultra-wealthy individuals. “I want to fight for California,” he said, signaling a long-term stake in the state’s future.
What Luckey Objects to in the California Wealth Tax Plan
The proposed tax would target untaxed wealth—including unrealized gains and illiquid assets—and impose penalties of up to 40 percent. For founders with super-voting shares (shares that grant more control than typical ownership), taxation could be calculated based on their voting power rather than ownership percentage. That means someone who owns little of a company financially but controls most of the voting power might face a tax liability as though they owned more. Lucky estimates he alone could owe roughly $3 billion based on his voting rights in Anduril.
Another source of unrest for Luckey is the tax sponsors themselves, who are affiliated with United Healthcare Workers. While sponsors frame the tax as a way to raise funds for social programs such as education, food assistance, and Medi-Cal, Lucky takes issue with the idea of specifying who benefits—or how—in advance. He describes this as a subsidy channeling wealth to certain groups rather than a broad-based policy choice.
Tension and Solidarity Among California Billionaires
Luckey admitted he’s under pressure from other high-net-worth individuals to take a stand—namely, to move out of state to punish what they see as a punitive tax. He has been told that staying undermines collective bargaining power, but maintains that leaving is not a strategy he is willing to execute—he still believes systemic reform is possible.
He stressed that control—voting control of a company—is where he feels taxed unfairly. Ownership can be shared with employees and others, but voting rights matter deeply, especially in a company like Anduril, which retains close ties to U.S. national security contracts. Luckey warned that leaving California would also mean forfeiting certain rights tied to citizenship and residency, particularly those that safeguard his control of the company.
Luckey’s stand puts him in a different camp from others who have publicly declared they’ll exit the state if the tax passes. He views potential legal challenges as likely if the ballot measure passes, especially those that argue it represents retroactive seizure of future wealth or an unprecedented tax on control, as opposed to ownership.
What This Means
This debate over the wealth tax sits at the intersection of California’s affordability crisis, debates about inequality, and the broader trend of high-earners relocating in response to tax policy. For founders of companies relying on voting structures like super-voting shares—which have become more common—this proposal presents a threat that is both financial and structural.
Legally, the idea of valuing voting power separately from ownership raises questions about novelty and constitutionality. As the state prepares for a likely ballot showdown, businesses and legal scholars alike will be watching not just whether this measure passes, but how it’s worded—and whether its enforcement stands up to court scrutiny.
For now, Luckey is staying. But his stance underscores a larger tension: when policy constricts capital, people with wealth can relocate. When it doesn’t, disagreement stimulates pushback—and possibly change. If enough influential people raise concerns like this, California may need to step back and refine its approach before moving forward.
