Inside the $1B Silicon Valley conspiracy against California Democrats

California’s elite are reportedly raising a nine-figure fund to push back against the state’s political agenda, particularly a 5% wealth tax on billionaires that has already resulted in the exodus of the super-rich from Silicon Valley.

Maria Davidson, who is leading the effort, told Bloomberg that the idea grew out of concern among friends about the direction California is headed.

“We’re in early conversations with people who care deeply about the future of the state of California,” said Davidson, founder of startup Kojo.

Some of those people include Neil Mehta, founder of Greenbacks Capital and Palantir Technologies Inc., founder Jon Lonsdale, and other high-profile entrepreneurs, who are helping promote a project called California Renewal, according to the outlet.

“A lot of people support their efforts on both sides of the political spectrum,” Lonsdale told Bloomberg. “We all want to see a high-level political arena, where common-sense, balanced policy can prevail, focused on making California more affordable and promoting growth.”

The idea of ​​this fund will be to counter what trade unions have, in terms of money and a strong presence across government.

California Renewal is marketed to the wealthiest residents of the state as a gift, according to the paper, with the aim of influencing public policy, state elections, and providing financial contributions to political campaigns for an indefinite period of time.

The target of this fund is $100 million this year, the paper reported that the main goal is to reach $1 billion.

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While it’s unclear how much, if any, money has been raised so far, the idea has gained momentum thanks to a proposed ballot measure pushed by one of the state’s most powerful health care unions to impose a 5% wealth tax on California’s billionaires.

Garry Tan, CEO of startup accelerator Y Combinator, told the agency that he is “really giving” to the cause — though, he didn’t say how much.

“I think it’s good,” said Tan. “We have to think about politics like we think about investing.”

If the fund succeeds, it could transform the tech elite and wealthiest Californians, providing a vehicle to push back against unions and liberal state policies supported by the Democratic supermajority in the state legislature.

But, it won’t be easy – the movement is already facing opposition.

Lorena Gonzalez, president of the California Labor Federation, told Bloomberg that her support program for more than 2 million workers would push for a new income tax.

“You can buy one election or one convention or one governor,” Gonzalez said. “You can’t buy California.”

Most California voters fear the billion-dollar tax will force businesses to flee the state — as the controversial proposal only reached 25% of the signatures needed to make it to the ballot.

In a survey conducted this week, 64% of respondents are concerned that a 5% wealth tax on billionaires will drive businesses out of the state.

54 percent were worried about them leaving, while 59 percent were worried about the loss of future tax dollars as wealthy taxpayers flee.

Sixty-four percent were worried about future tax increases for the middle class.