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'March for Billionaires' in San Francisco was a bust
09 Feb 2026

A "March for Billionaires" in San Francisco on Saturday drew a small crowd of around three dozen, according to the San Francisco Chronicle.

The event was organized by Derik Kauffman, founder of AI start-up RunRL, as a protest against California's proposed Billionaire Tax Act.

The act would impose a one-time 5% tax on Californians worth over $1 billion.

Kauffman wants to change the narrative around billionaires
Event goals

Kauffman hopes the march will change the perception of billionaires in California. He believes they have contributed significantly to the state's economy and fears losing them would be costly. "Vilifying billionaires is popular. Losing them is expensive," reads a message on the event's website.

Proposed tax could disrupt California's start-up ecosystem
Economic concerns

Kauffman fears the proposed tax could hurt Silicon Valley's start-up ecosystem.

He argues it would force start-up founders to liquidate their stocks under unfavorable conditions as well as pay capital gains taxes.

The tax could also lead to some disproportionate bills for many founders and affect the private company valuations.

March more of a symbolic protest
Protest significance

Despite the media attention, Kauffman wasn't sure how many would attend the march. He expected "a few dozen attendees" but didn't know of any billionaires who would join.

The proposed tax has been criticized by tech industry leaders, some of whom have threatened to leave/have already done so.

However, Governor Gavin Newsom has said he would veto the bill if it passes, making this march more of a symbolic protest against a policy that may not come into effect.