Yet another day, yet another affluent liberal departing a state due to policies they once championed.
In the latest episode of modern-day hypocrisy, the renowned director Steven Spielberg, known for blockbuster hits like Jaws, E.T., Poltergeist, and Saving Private Ryan, has relocated to Manhattan, as reported by the Los Angeles Times. A spokesperson for one of Hollywood’s most consistent Democrat Party contributors was quick to clarify that the move has nothing to do with California’s highly controversial wealth tax proposition.
“Steven’s relocation to the East Coast has been long-planned and solely driven by his and Kate Capshaw’s desire to be closer to their New York-based children and grandchildren,” stated spokeswoman Terry Press to the newspaper. Predictably, Press chose not to disclose Spielberg’s stance on the wealth tax when questioned.
California is currently contemplating a new wealth tax that targets billionaires, including a tax on unrealized gains. This notion has already unsettled investors and led to numerous high-profile tech figures seeking refuge elsewhere. It’s a familiar trend when progressive policies begin to have repercussions, as a surprising number of billionaires suddenly develop a strong fondness for Florida, Texas, or even New York.
Google founders Larry Page and Sergey Brin discreetly began divesting portions of their financial holdings in California in the days leading up to Christmas, while Meta founder and CEO Mark Zuckerberg invested $150 million in a Miami estate. Zuckerberg and his wife, Priscilla Chan, were on the lookout for a residence on Indian Creek Island, the exclusive, heavily guarded enclave known as the “Billionaire Bunker,” already inhabited by Amazon founder Jeff Bezos, former NFL quarterback Tom Brady, and Jared Kushner and Ivanka Trump.
Even Reid Hoffman, LinkedIn co-founder and prominent Democratic donor, has criticized the billionaire tax proposal, denouncing it as a “terrible idea” that could prompt tech founders and executives to depart the state.
Rep. Khanna contacted me to discuss the proposed California wealth tax; and although I oppose the proposed tax, I am always open to discussing with our elected officials.
The proposed CA wealth tax is so poorly designed in countless ways that a simple social media post cannot address all of…
— Reid Hoffman (@reidhoffman) January 7, 2026
“The proposed CA wealth tax is so poorly designed in countless ways that a simple social media post cannot address all of the significant flaws. One well-documented example is the terrible notion of taxing illiquid stocks in the proposal. Inadequately designed taxes encourage avoidance, capital flight, and distortions that ultimately generate less revenue,” Hoffman remarked about the plan.
Hedge fund tycoon Bill Ackman, a long-time Democrat who supported Trump in the 2024 election, cautioned that California is heading towards “self-destruction.”
California is on a path to self-destruction. Hollywood is already toast and now the most productive entrepreneurs will leave taking their tax revenues and job creation elsewhere.
And then the Democrats highlight @CAgovernor Newsom as a great leader. Crazy. https://t.co/bFyLhARrNn
— Bill Ackman (@BillAckman) December 27, 2025
“Hollywood is already struggling, and now the most productive entrepreneurs will depart, taking their tax revenues and job creation elsewhere,” Ackman remarked.
It’s worth noting that Tesla and SpaceX CEO Elon Musk was among the first prominent figures to depart California years ago, citing the state’s burdensome taxes and its adoption of radical left-wing governance. The list continues to expand.
Hold on tight, Newsom. Musk was the pioneer, and Spielberg won’t be the last.
Loading recommendations…