Nvidia Corp. Chief Executive Officer Jensen Huang, the world’s ninth-richest person and head of the most valuable company, said he isn’t concerned about a billionaires tax under consideration in his home state of California.
Processing Content
“I’ve got to tell you, I have not even thought about it once,” Huang said Tuesday when asked about the proposed tax on Bloomberg Television. “We chose to live in Silicon Valley, and whatever taxes I guess they would like to apply, so be it. I’m perfectly fine with it.”
Under a proposed ballot initiative in the state, billionaires would face a one-time 5% levy to cover funding shortages for health care, food assistance and education. The proposal, which still needs to gather enough signatures to appear on the November 2026 ballot, would apply to people who reside in the state as of Jan. 1.
Huang could potentially face one of the largest tax bills if the ballot measure passes. He currently has a $155.8 billion fortune, according to the Bloomberg Billionaires Index. Based on his net worth today, Huang could be left with a bill of more than $7 billion after the proposed 5% net worth tax.
Nvidia became a dominant company in Silicon Valley by making the chips that develop and run artificial intelligence models. The business, founded in a Denny’s restaurant in San Jose, California, in 1993, is currently based in nearby Santa Clara.
While Huang plans to remain in the state, other billionaires made moves to leave ahead of the Jan. 1 residency deadline. On New Year’s Eve, Peter Thiel announced he was opening a Miami office of Thiel Capital as he shifts his residency to Florida. Venture capitalist and current AI czar David Sacks also announced his departure from California for Austin.
In the interview, Huang said Nvidia is located in Silicon Valley because that’s where the talent pool is. Even as many of the highest-profile people in technology fret about the potential tax, the CEO said he isn’t one of them.
“Not this person,” he said. “This person is trying to build the future of AI.”
