Ultrawealthy Plan $500 Million Fund to Influence Politics

“Silicon Valley billionaires have been seething over the threat of more taxes and regulations at home. Now, a proposed nine-figure fund aims to give wealthy Californians an unprecedented tool to reshape the state’s politics in their favor,” Bloomberg reports.

“The fund is being pitched to some of the state’s richest residents as an endowment that would operate in California for decades to come… Organizers are seeking $100 million this year, with hopes of reaching at least $500 million and up to $1 billion in the coming years.”