'March for billionaires' to be held in San Francisco today
07 Feb 2026

Derik Kaufmann, the founder of AI start-up RunRL, is organizing a "March for Billionaires" in San Francisco.

The event comes as a protest against California's proposed wealth tax legislation.

The march is scheduled for today and is not backed by any external group or organization, Kaufmann told the San Francisco Examiner.

Proposed wealth tax
Impact

The proposed wealth tax, known as the Billionaire Tax Act, was introduced last year.

It would impose a one-time 5% tax on the total wealth of Californians worth over $1 billion.

Kaufmann believes this legislation could be "quite damaging to the tech economy." He is particularly worried about its potential impact on Silicon Valley's start-up ecosystem.

Kaufmann's objections to the tax
Concerns

Kaufmann has raised several objections against the proposed wealth tax.

He said it would hit start-up founders whose wealth is only on paper, forcing them to liquidate stocks on potentially unfavorable terms and incurring capital gains taxes.

He also expressed concern over how this tax could lead to wildly disproportionate bills for many founders, and its potential impact on valuing private companies.

Uncertain turnout for the march
March turnout

Despite the media coverage, Kaufmann isn't sure how many people will actually attend the march.

He said he expects "a few dozen attendees," but isn't aware of any billionaires who have confirmed their participation.

The proposed tax has drawn criticism from many tech industry leaders, some of whom have threatened to leave California or already done so.

The tax may never come into effect
Tax veto

Despite the uproar, it's worth noting that the proposed wealth tax is unlikely to be enacted.

California Governor Gavin Newsom has already said he would veto the bill if it ever passes.

This makes Kaufmann's march more of a symbolic protest against a policy that may never come into effect.