California's billionaire tax faces a make-or-break June 25 deadline, as the Legislature decides whether to bargain the 5% wealth tax off November's ballot. The measure targets roughly 200 residents worth over $1 billion to fund healthcare.

The threat already drove Larry Page, Sergey Brin, David Sacks and Peter Thiel to shift assets out of California, even as Governor Gavin Newsom scrambles to negotiate a compromise.