Derik Kaufmann, founder of AI startup RunRL, is organizing a 'March for Billionaires' rally this Saturday in San Francisco's Pacific Heights to protest California's proposed Billionaire Tax Act. The self-funded event targets a measure that would impose a one-time 5% tax on individuals with net worth exceeding $1 billion.
Event Details and Organizer
The rally is set for Saturday, February 7, 2026, at Jackson Street and Scott Street in Pacific Heights, proceeding down Fillmore Street with speeches and celebration. Kaufmann, a Y Combinator alum who says he is no longer involved with RunRL, told the San Francisco Examiner and TechCrunch he is personally funding and organizing the event without outside support.[2][3] He described it as a stand against 'vilifying billionaires,' stating that losing them would be costly to California.[1][2]
Opposition to the Tax Proposal
The Billionaire Tax Act, backed by SEIU-UHW West, would affect about 200 Californians with a combined $2 trillion in wealth and aims to fund healthcare amid potential federal cuts.[1] Kaufmann argues the tax is 'fatally flawed' because it targets startup founders' paper wealth, forcing them to liquidate shares at unfavorable terms, incur capital gains taxes and lose control.[2] He cited Sweden's elimination of its wealth tax 20 years ago, which he said boosted billionaires per capita by 50% compared to the U.S.[2]
Website and Public Reaction
The event website, marchforbillionaires.org, lists billionaires such as Jeff Bezos, Taylor Swift, Brian Chesky and Google co-founders, claiming they 'created products, services, and experiences that millions of people freely chose.'[3] AI detection service Pangram Labs found key sections likely AI-generated, with organizers admitting text was 'written by humans with feedback from AI' and source code AI-assisted.[1] Social media reactions mix incredulity and ridicule, with no confirmed billionaire attendees expected; Kaufmann anticipates a few dozen participants.[2]
Broader Tech Industry Context
The proposal has drawn backlash from tech leaders, some threatening to relocate to states like Texas and Florida.[1][2] California Governor Gavin Newsom has indicated he would veto the bill if it reaches his desk, reducing its enactment chances.[2]
Startup Tax Vulnerability
Kaufmann's rally highlights tensions between California's tech wealth concentration and public demands for revenue to support services like healthcare. The tax targets roughly 200 individuals holding $2 trillion, a scale that underscores Silicon Valley's economic influence while fueling arguments over fair contributions.[1] Critics like Kaufmann focus on disincentives for entrepreneurship, pointing to forced asset sales in illiquid private companies, which could disrupt startup ecosystems reliant on founder equity.[2] The use of AI in the event's website adds irony, given the organizer's AI background, but reveals broader reliance on tools for rapid content creation amid limited resources. Organizers' admission of AI assistance in text and code suggests a low-budget operation, contrasting with the defense of billionaire 'value creators.'[1][3] This approach may undermine credibility in a debate where perceptions of authenticity matter.
Relocation and Veto Dynamics
The rally's small expected turnout of a few dozen, without billionaire participation, limits its immediate political sway, especially with Newsom's veto threat signaling low passage odds.[2] However, it amplifies tech lobbying against the bill, potentially influencing voter sentiment or legislative tweaks ahead of 2026 ballot considerations. If relocation threats materialize, states like Texas and Florida could see accelerated inflows of high-net-worth tech figures, altering California's innovation hub status.[1][2] Success of similar protests may hinge on broader industry mobilization, while SEIU's push continues amid federal funding uncertainties, setting up a prolonged fiscal policy clash.
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