Palmer Luckey, founder of defense technology firm Anduril, has announced he will remain in California despite his opposition to a proposed state wealth tax. Anduril is currently headquartered in Costa Mesa and holds a valuation of $61 billion.
The proposed ballot measure seeks to tax the net worth of the state’s wealthiest residents, including unrealized and illiquid assets. Luckey noted that the tax could potentially reach 5% of his stake in Anduril, amounting to approximately $3 billion.
A primary concern for Luckey is the taxation of voting control. Under the proposal, founders with super-voting shares could be taxed based on their voting power rather than their actual equity ownership. Luckey stated that he maintains voting control to protect the company's direction.
Luckey emphasized that his voting rights are tied to his status as an American citizen running a defense company in the United States. He intends to challenge the policy, arguing that taxing voting interests is unprecedented and effectively a tax on corporate control.
