AI startup says it’s planning a ‘March for Billionaires’ in protest of California’s wealth tax.

Battle in California wanted a ‘Billionaire Tax’ it’s getting weird. This week, in the middle continuous rancor from the technocrats on the worst bill, it appeared that someone is planning the so-called “March for Billionaires” in San Francisco. A website an advertisement for the event appeared on the Internet, which does not give much meaning to the story other than the clear statement: “Abusing billions of people is popular. Losing them is expensive.”

The immediate reaction was disbelief, and many people thought that the place was an incredible hoax. “This is a joke/joke right??” one media user he wrote It wasn’t long before the news spread. Now, however, the person who seems to be the mastermind behind the event has revealed that the march is realno joke, and that it’s supposed to happen this coming saturday.

San Francisco Examiner first report that the founder of the event was revealed as Derik Kaufmann, the AI ​​founder of RunRL, who participated in Y Combinator’s accelerator program. Kaufmann told the Examiner that the event was not funded or organized by any outside group, no major corporations or companies — just himself.

In an interview with TechCrunch, Kaufmann — who also told the Examiner that he is no longer involved with RunRL — confirmed that promoting the upcoming rally is California’s property tax, which the tech startup said he believes “could destroy the tech economy.”

The policy in question, of Billionaire Tax Actit was introduced last year, and will require Californians with more than $1 billion to pay a one-time tax of 5% on their total wealth. The law, that is sponsored by SEIU’s state health union (Service Employees International Union), can pay for essential government services and help the government to eliminate the reduction of federal funds, according to to other experts. However, the plan has sparked protests from some of the most influential people in the technology industry, many of whom have threatened to leave California or. they have already left. It has also caused a monsoon of lobbying to the California legislature, in order to deal with the bill.

When asked why he opposes the bill, Kaufmann expressed concern about the bill’s potential impact on Silicon Valley’s startup economy. “This tax in particular is very wrong,” he said. “It affects founders whose fortunes are on paper. They are forced to cancel their shares for reasons that will not work, which leads to capital gains tax and loss of control. Not to mention the problem of valuing private companies.”

“A lot of startups would be hit with a very disproportionate tax rate,” Kaufmann said. “Furthermore, there is no precedent for such a wealth tax in the US. Sweden removed it 20 years ago to prevent flight and encourage business and now has 50% billions in US capital.”

Online discussion of Kaufmann’s plan has continued to vacillate between disbelief and derision. “I can’t imagine billions marching down the street,” one the social media user saidabout the event.

That person may be right.

Kaufmann told TC that, so far, he is not aware of the exact billionaires who are planning to join the tour planned in their honor. Kaufmann said the event would likely involve “a small number of people,” though he insisted he did not know how many people would attend.

The ongoing furor over the proposed tax is a little funny, as it is already known that the legislation has no chance of being enacted. That’s because California Governor Gavin Newsom has already said that, if the bill passes, he will veto this.