A “March for Billionaires” was held in San Francisco over the weekend to protest a proposed California wealth tax targeting ultra-high-net-worth individuals, highlighting growing tensions between parts of the tech community and state policymakers, according to TechCrunch.

The event was organized by Derik Kauffman, who said the march was intended to oppose a one-time tax proposal that would apply to California residents with net worth exceeding $1 billion, TechCrunch reported. Organizers argue that such measures could discourage innovation and push founders and investors to relocate, according to the report.

The proposed wealth tax is a plan by California lawmakers to tax very rich people based on how much they own, not how much they earn each year.

Under the proposal, people worth more than $1 billion would have to pay a special tax of about 5% of their total wealth. That includes things like company shares, investments, and property — even if those assets haven’t been sold yet.

Supporters say the tax would help raise money for public services and address growing inequality.

The march ultimately attracted only a small number of participants, with no confirmed attendance by actual billionaires. The limited turnout quickly drew attention on social media, where many commentators treated the event with skepticism or irony, the publication noted.

Despite its modest scale, the protest underscores an increasingly visible debate within the tech sector over wealth taxation, economic fairness, and the role of government in shaping innovation ecosystems.

Material by Iva Abadjievа

Image: AI Generated