# Billionaire-Linked Donations Reach Record $612 Million in California By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/45569 Published: 2026-10-31T16:20:30.000Z Updated: 2026-10-31T16:20:30.000Z Section: Regulation > More than $300 million went to groups opposing Proposition 40, while the statewide tally also includes other election activity. Contributions linked to billionaires with California ties reached a record $612 million in the state’s 2026 elections, including more than $300 million for groups opposing a proposed wealth tax. The tally runs through Oct. 26 and includes statewide election activity beyond Proposition 40. The $612 million figure therefore does not represent spending against that measure alone. It provides a broader view of the money connected to California’s election campaigns. The wider scope builds on [earlier coverage of the Proposition 40 campaign](). Separately, Ripple Labs and Chris Larsen each contributed $5 million to Golden State Promise, a committee opposing Proposition 40. Proposition 40 would impose a one-time tax of up to 5% on covered net worth. The measure uses Jan. 1, 2026, as its residency date and Dec. 31, 2026, as its asset valuation date. It also provides a phase-in for individuals with net worth below $1.1 billion. Building a Better California contributed $140 million to a committee opposing Proposition 40, $58.35 million to a committee supporting Proposition 41 and $157.1 million to a committee supporting Proposition 42. Contributions to committees involved in multiple measures may appear under more than one proposition, so measure-level listings can overlap. Proposition 41 addresses taxes exempted from the state spending limit and audits of new special taxes. Proposition 42 would prohibit new state personal-property taxes and certain retroactive taxes. Either measure could prevent Proposition 40 from taking effect if it receives more “yes” votes than Proposition 40 and a court finds a conflict, even if Proposition 40 wins a majority. The proposed tax is projected to temporarily increase revenue by tens of billions of dollars over several years. Billionaire income-tax revenue could decline by less than $1 billion annually on an ongoing basis. “No amount of billionaire spending is going to intimidate us or turn us back,” said Debru Carthan, vice president of SEIU United Healthcare Workers West. California voters are scheduled to decide on the measures Tuesday, Nov. 3. ## Links in this article - [earlier coverage of the Proposition 40 campaign](https://www.tokenpost.com/news/regulation/43834)