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Billionaire Palmer Luckey isn’t leaving California over the wealth tax

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Billionaire Palmer Luckey isn’t leaving California over the wealth tax

Palmer Luckey has been a California billionaire since he was 21 years old, when he sold his first company, virtual reality headset maker Oculus VR, to Facebook for $2 billion in 2014. His current company, defense tech firm Anduril, is headquartered in in Costa Mesa, California, not far from Long Beach, where Luckey grew up. And Anduril is worth far more. It was last valued at $61 billion.

While Luckey clearly despises the proposed California billionaire wealth tax, a ballot measure that would tax the net worth of the state’s richest residents, he said he’s not leaving California over it.

“I think that this tax act, if you can call it a tax, is going to cause a lot of problems. It’s causing a lot of people to run who I don’t want to be running. It’s going to cause companies that I work with to leave the state, which is a problem for me. As of right now, though, I’m not running. I am staying. I think California is something special. I want to fight for California,” Luckey said during an invite-only press conference on Monday.

He added that he’s felt pressure from other billionaires to declare his intention to leave.

“This has been a point of friction between me and some of my other billionaire friends,” he said. “They’ve said things like ‘Palmer, you have to have solidarity for us. You can’t enable these really bad policies.



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