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

The backlash against California’s proposed “Billionaires’ Tax” is taking an increasingly unusual turn. This week, amid sustained criticism from tech leaders over the controversial proposal, it emerged that someone is organising a so-called “March for Billionaires” in San Francisco. A website promoting the event appeared online, offering little explanation beyond a blunt slogan: “Vilifying billionaires is popular. Losing them is expensive.”

Initial reactions ranged from disbelief to mockery, with many assuming the website was some elaborate joke. “This is a joke/satire, right?” one social media user wrote shortly after the site began circulating. However, the person behind the effort has since confirmed that the event is real and scheduled for this Saturday.

The San Francisco Examiner was the first to report that the organiser is Derik Kaufmann, the founder of the AI startup RunRL, which previously participated in Y Combinator. Kaufmann told the Examiner that the march is not being funded or coordinated by any outside organisations, wealthy donors, or corporate interests — just himself.

In a separate conversation, Kaufmann — who also said he is no longer involved with RunRL — confirmed that the rally is motivated by California’s proposed wealth tax, which he believes would be “quite damaging to the tech economy.”

The proposal at the centre of the controversy, the Billionaire Tax Act, was introduced last year. It would impose a one-time 5% tax on the total wealth of California residents worth more than $1 billion. Supporters of the bill, including the state’s healthcare union, Service Employees International Union (SEIU), argue that it could fund critical public services and help offset recent federal funding cuts. Still, the proposal has sparked fierce opposition from prominent figures in the tech industry, some of whom have threatened to leave California—or claim they already have. It has also triggered intense lobbying efforts in the state legislature to block the bill.

Explaining his opposition, Kaufmann said he is particularly concerned about how the tax could affect Silicon Valley’s startup ecosystem. “This tax in particular is fatally flawed,” he said. “It hits startup founders whose wealth exists only on paper. They would be forced to sell shares under potentially unfavourable conditions, triggering capital gains taxes and surrendering control. And that’s before you even get to the challenge of valuing private companies.”

“Many founders would be hit with wildly disproportionate tax bills,” Kaufmann added. “There’s also no precedent for a comprehensive wealth tax like this in the United States. Sweden scrapped its wealth tax 20 years ago to prevent capital flight and encourage entrepreneurship, and now it has about 50% more billionaires per capita than the U.S.”

Online discussion surrounding the proposed march has continued to oscillate between disbelief and ridicule. “I can’t imagine billionaires marching in the street,” one social media commenter said. That scepticism may be warranted.

Kaufmann told, so far, he is not aware of any actual billionaires planning to attend the march being held in their name. He said the turnout will likely be limited to “a few dozen people,” though he emphasised that he has no clear sense of how many will actually show up.

The intensity of the reaction to the proposed tax is somewhat ironic, given that it has long been understood that the bill has little chance of becoming law. Gavin Newsom has already said that even if the legislation passes, he would veto it.