The Billionaire Exodus: Zuckerberg Eyes Florida Move as California’s Wealth Tax Looms
As California’s proposed ballot measure draws millions in opposition funding from wealthy donors, the move to Florida represents more than just a change of scenery
The pattern of high-profile departures from California continues as Meta founder Mark Zuckerberg is reportedly eyeing a move to Florida. According to sources familiar with the matter, Zuckerberg and his wife, Priscilla Chan, are scouting property on Indian Creek Island, an ultra-exclusive enclave in Miami known as the “Billionaire Bunker.”
If the move goes through, Zuckerberg will join a neighborhood already packed with titans of industry and politics, including Jeff Bezos, Tom Brady, Jared Kushner, and Ivanka Trump.
The Catalyst: California’s Proposed Wealth Tax
The timing of the move coincides with a controversial new legislative push in California. Lawmakers are currently debating a wealth tax aimed at billionaires, which would include taxes on unrealized gains and a one-time 5% levy to fund social programs.
The proposal has sent shockwaves through Silicon Valley. Venture capitalist Chamath Palihapitiya took to X to slam Governor Gavin Newsom’s handling of the situation:
"With Zuck’s move to Florida, California’s total taxable wealth from billionaires has plummeted to well under $1T from over $2T just a few weeks ago," Palihapitiya wrote.
"The loss of this tax revenue was totally avoidable... California’s budget will implode and [Newsom] wants to run for President."
Palihapitiya warned that the exodus of the ultra-wealthy would ultimately leave the California middle class to foot the bill for the state's budget deficit.
A New Tech Hub in the South
Zuckerberg is far from the only tech mogul looking for the exit. Google co-founders Larry Page and Sergey Brin have also recently acquired luxury estates in South Florida. The region is rapidly becoming a "Silicon Valley East," offering privacy, private security, and, most importantly, a more favorable tax climate.
Political Shifts and Privacy
Beyond the tax implications, observers note a shift in Zuckerberg’s political engagement. The Meta CEO has been seen visiting Mar-a-Lago in Palm Beach on multiple occasions recently, spending time with President Donald Trump.
As California’s proposed ballot measure draws millions in opposition funding from wealthy donors, the move to Florida represents more than just a change of scenery, it is a strategic retreat to a state where both privacy and assets remain protected.