Ripple and its co-founder each donated $5 million to oppose California's wealth tax

According to TheStreet, Ripple and its co-founder and executive chairman Chris Larsen each donated $5 million to the political action committee Golden State Promise to oppose California's "2026 Billionaire Tax Act." The proposal requires billionaires residing in California to pay a one-time 5% wealth tax, with 90% of the revenue going to public healthcare.

Kraken co-founder Jesse Powell criticized the proposal as "a 5% theft on unrealized gains." Affected by this tax policy, several billionaires, including Google founders Larry Page, Sergey Brin, and venture capitalist Peter Thiel, have chosen to leave California.