In a surprising stance that bucks the trend among the ultra-wealthy, Nvidia's founder and CEO Jensen Huang has declared he is not concerned about a proposed one-time wealth tax on billionaires in California. The tax could potentially cost him a staggering sum exceeding $7.8 billion.
Why Huang Embraces the Tax Burden
During an interview with Bloomberg, Huang made it clear that his focus remains squarely on his work in artificial intelligence, not on his personal finances. "Not this person. This person is trying to build the future of AI," he stated, distancing himself from worries about taxation.
He explained his acceptance of the potential financial hit by emphasizing the value he places on Silicon Valley. Huang and his company chose to live in Silicon Valley for its talented workforce, and he is willing to accept the associated costs. "We chose to live in Silicon Valley, and whatever taxes, I guess they would like to apply, so be it," he remarked, showcasing a pragmatic approach to his company's home.
Understanding California's Billionaire Tax Proposal
The proposed plan, which is still under consideration, involves a one-time 5% levy on the total wealth of billionaires residing in the state. The revenue generated is intended to fund crucial public services like healthcare and education.
With a net worth of $155.8 billion according to the Bloomberg Billionaires Index, Huang, currently the world's ninth-richest person, would face one of the largest individual tax bills in state history if the proposal becomes law. Despite this, he revealed in the interview that he has not spent any time worrying about the bill, noting that while other tech leaders may be upset, he hasn't given it a second thought.
Contrast with Other Tech Billionaires
Huang's commitment to California stands in stark contrast to the actions of several other prominent figures in the tech industry. Ahead of a January 1 residency deadline, notable billionaires like venture capitalist Peter Thiel shifted his residency to Florida, and AI czar David Sacks announced a move to Austin, Texas.
Meanwhile, Huang plans to stay, rooted in the state where he co-founded Nvidia over 30 years ago in a Denny's restaurant in San Jose. From those humble beginnings, the company, now headquartered in Santa Clara, has grown under his leadership to become the world's most valuable company, powered by its dominant AI chips.
His stance highlights a rare perspective where the strategic advantages of a location—access to top talent and a thriving ecosystem—are deemed worth a significant personal financial cost.
