California residents worth over $1 billion would be subject to a five percent tax imposed on their net worths, not incomes, covering assets like stocks, artwork, and intellectual property rights. They would have five years to pay. Assuming Huang’s net worth is around $160 billion, as estimated, he would owe roughly $8 billion in taxes.

The mayor of Silicon Valley's largest city has come out against a proposed ballot initiative would impose a wealth tax on California's billionaires, as leaders debate the benefits of the proposal.

Critics warned a wealth tax in California would lead to a billionaire exodus. Florida says come on in, the water's warm.

The proposed California tax on billionaires is unlike anything that’s passed before.