The fight over California’s proposed Billionaire Tax Act has taken an unexpected turn, with an AI startup founder planning what he calls a “March for Billionaires” in San Francisco. The event, promoted on a sparse website with the slogan “Vilifying billionaires is popular. Losing them is expensive,” initially struck many observers as satire.

Online reaction was swift and mocking, with social media users questioning whether the march was a parody of tech’s self‑importance. It is not, insists organizer Derik Kaufmann, founder of AI startup RunRL and a past participant in Y Combinator’s accelerator program. Kaufmann has said he is acting alone, without backing from trade groups, political organizations, or major donors.

Kaufmann has framed the march as a defense of California’s startup ecosystem rather than a sympathy campaign for the ultra‑rich. He argues that the Billionaire Tax Act, which would impose a one‑time 5 percent levy on residents with a net worth above $1 billion, is “fatally flawed” and would hit founders whose wealth exists largely on paper.

In his view, taxing unrealized gains would force entrepreneurs to liquidate shares in private companies at inopportune times, triggering capital gains taxes, diluting ownership, and potentially weakening control over their own firms. He also points to the practical challenge of valuing illiquid startups and warns that the measure could accelerate an exodus of talent and capital from California.

Supporters of the bill, including the powerful Service Employees International Union, argue that the tax would tap a small, extraordinarily wealthy cohort to shore up public services and offset federal funding cuts. Policy analysts note that even a one‑time levy on billionaires could generate billions in revenue for healthcare, housing, and education.

Yet the proposal faces steep political odds. Governor Gavin Newsom has already signaled he would veto the measure, making its passage unlikely despite intense lobbying on both sides.

As for the march itself, it may be more symbolic than spectacular. Kaufmann has said he is not aware of any actual billionaires planning to attend and expects, at best, a few dozen participants. Online, the idea of a street protest in honor of billionaires continues to draw ridicule, underscoring the deep cultural divide over wealth, tech power, and who should pay for California’s future.