Brind.
Part of Gavin Newsom published his economic agenda on Substack, coinciding with reports of tech billionaires relocating to Florida.

How does The debate over billionaire wealth tax affect State of California?

The potential flight of billionaires could significantly limit the State of California's ability to collect wealth tax revenue. Economists reported that the departure of wealthy residents, including Larry Page and Sergey Brin, has already removed a substantial portion of the aggregate billionaire wealth from the tax base. This movement threatens the state's ability to fund services if the wealth tax is implemented.

Reported by 1 independent outlet Written Friday
Effect
Strong negative
How direct
Stated in the reporting
When
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How it reaches State of California

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Why it matters

The wealth tax (Proposition 40) was proposed to address looming cuts to federal healthcare funding. Opponents argue that such a tax would cause extremely wealthy Californians to flee, imperiling the state’s ability to collect future tax revenues and pay for state services.

What would change this answer

More billionaires publicly commit to remaining in the stateThe negative impact on tax revenue collection would lessen.
The state successfully implements the wealth taxThe financial pressure on the state's budget could be alleviated, despite initial flight risks.

Who else could feel it

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The full eventAI Stock Boom Drives Billionaire Wealth Gains Amid California Wealth Tax Debate Everything aboutState of California

Brind's analysis is written by AI from the reporting linked above and can be wrong. It explains possible effects; it is not investment advice.