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Palmer Luckey, founder of defense startup Anduril and valued at $3.5 billion, revealed he flies in coach to set an example for his employees. He criticized a proposed billionaires' tax in California targeting residents with over $1 billion in wealth, warning it could jeopardize his company.

The tax, which would apply to assets like stocks and property, has not yet been signed into law and would take effect retroactively from January 1, 2026. Luckey expressed concern that failure to pay could result in the state seizing his home and garnishing his wages.

He highlighted that the measure requires signatures for a ballot and ultimately voter approval. Other tech billionaires have already begun relocating businesses out of California in response to the potential tax.