Silicon Valley’s Social License Is In Jeopardy: Gautam Mukunda

Two stories last week, on opposite sides of the Atlantic, point to the same uncomfortable truth: Silicon Valley is running headlong into a legitimacy crisis of its own making.

The first is a proposed California ballot measure that would levy a one-time, 5% tax on the net worth of those who were billionaires living in the state on Jan. 1, 2026. It would be due in 2027, with an option to spread payments over five years.

This proposed wealth tax is so badly designed that it’s likely to do enormous harm. But the measure’s significance isn’t what it would do ...