# Palmer Luckey Stays in California Despite Wealth Tax

> Billionaire Palmer Luckey vows to fight California's proposed wealth tax, not leave state.
- Title: Palmer Luckey Stays in California Despite Wealth Tax
- Summary: Billionaire Palmer Luckey vows to fight California's proposed wealth tax, not leave state. Palmer Luckey, founder of $61 billion defense tech firm Anduril…
- Keywords: palmer luckey, anduril, california, wealth tax, billionaire, defense tech, tax policy, voting rights, technology, startups, Palmer, Luckey
- Source: TechCrunch — https://techcrunch.com/2026/10/27/billionaire-palmer-luckey-isnt-leaving-california-over-the-wealth-tax
- Author: Julie Bort
- Published: 2026-10-27T13:01:00+00:00
- Read time: 1 min
- Topics: palmer luckey, anduril, california, wealth tax, billionaire, defense tech, tax policy, voting rights, technology, startups
## Palmer Luckey's California Roots
Palmer Luckey founded Oculus VR at 21 and now leads $61 billion defense tech firm Anduril in California.
## Wealth Tax Opposition
Luckey says California's proposed wealth tax would cause companies to leave the state and harm his business.
## Billionaire Pressure
Other billionaires urged Luckey to leave California to show consequences of the tax policy.
## Tax Sponsorship Concerns
The tax bill is sponsored by United Healthcare Workers, which wants funds for health care, education, and food assistance.
## Tax Assessment Issues
The tax would include unrealized assets and illiquid assets, with penalties up to 40%.
## Voting Rights Problem
The tax could tax Luckey as if he owned 40% of Anduril when he only has 10% ownership.
## Voting Control Stakes
Luckey's voting rights in Anduril end if he leaves California, affecting his defense contracts.
## Tax Bill Impact
Luckey could owe $3 billion on Anduril alone, but plans to stay and fight the tax.
## Key takeaway

Palmer Luckey, founder of $61 billion defense tech firm Anduril, says he won't leave California over a proposed wealth tax that could tax 5% of his company's value.