Sergey Brin Drops $100M+ to Block Billionaire Tax in California

Google cofounder Sergey Brin has spent over $100 million to block California's proposed billionaire tax, known as Proposition 40. The initiative would levy a one-time 5 percent tax on the state's 200 billionaires, with revenue going towards healthcare and education.

The tax measure has been introduced in response to wealth inequity in California, where 18 percent of residents live below the poverty line despite its massive economy.

Brin, a controlling shareholder and board member at Alphabet, is one of the largest individual contributors opposing Proposition 40. He has a net worth of over $259 billion and could owe around $13 billion if the tax is implemented.