# Election Day: Big Money, High Stakes

> California billionaires spend $300m on billionaire tax as election results roll in.
- Title: Election Day: Big Money, High Stakes | Shortify
- Summary: California billionaires spend $300m on billionaire tax as election results roll in. California billionaires spent over $300 million on Proposition 40, a…
- Keywords: california, billionaire tax, prop 40, gavin newsom, congress, supervisors, election 2026, san francisco, dustin gardiner, maggie angst, joe fitzgerald rodriquez, gabriel greschler
- Source: The San Francisco Standard — https://sfstandard.com/2026/11/03/election-day-california-san-francisco-key-races-billionaire-tax-pelosi
- Published: 2026-11-03T15:30:00+00:00
- Read time: 1 min
- Topics: california, billionaire tax, prop 40, gavin newsom, congress, supervisors, election 2026, san francisco, dustin gardiner, maggie angst, joe fitzgerald rodriquez, gabriel greschler
## Election Day
Election Day is here, and what a ride it’s been.
## Supervisor Race
State Sen. Scott Wiener and Supervisor Connie Chan are in a tight congressional race.
## Billionaire Tax
California billionaires spent more than $300 million to fight Proposition 40.
## Proposition 40
Proposition 40 is a one-time 5% tax on the assets of billionaires.
## Gavin Newsom
Gavin Newsom faces a no-win situation with Proposition 40.
## Insurance Commissioner
The insurance commissioner race is extremely close between two Democrats.
## Proposition 45
Proposition 45 could cut CEQA review timelines but faces opposition from data centers.
## Los Angeles Mayoral Race
Progressive Nithya Raman challenges incumbent Mayor Karen Bass.
## Election Results Timeline
First results drop at 8:45 p.m. with mail-in ballots and ranked-choice races.
## Billionaire Tax Outcome
Proposition 40 is likely to fail, with no planned celebrations.
## Supervisor Connie Chan
Supervisor Connie Chan is a progressive candidate for Congress.
## State Sen. Scott Wiener
State Sen. Scott Wiener has a strong electoral coalition but faces a tight race.
## Proposition 40 Impact
Proposition 40 failure could lead to criticism of Gavin Newsom on the progressive left.
## Billionaire Tax Campaign
The billionaire tax campaign is funded by a quarter of $40 million from a billionaire-backed PAC.
## Election Night
Election night results will be released in stages with the final report before midnight.
## Billionaire Tax Outcome
Proposition 40 is likely to fail, with no planned celebrations.
## Key takeaway

California billionaires spent over $300 million on Proposition 40, a billionaire tax, which is likely to fail.