Oculus Co‑Founder Palmer Luckey Declares He Won’t Leave California Amid Wealth‑Tax Push

Palmer Luckey, the billionaire Silicon Valley entrepreneur who co‑founded Oculus VR, told the press he does not plan to depart California despite the state's discussion of a new wealth tax targeting its wealthiest citizens. “It's causing a lot of people to run who I don't want to be running,” Luckey remarked, affirming he will stay and keep fighting the proposal.

State officials unveiled the suggested tax earlier this year, which would impose an extra charge on assets above $50 million, with rates climbing to 3 percent. Proponents claim the measure could raise billions for education, housing and climate programs, whereas opponents caution it may hasten the departure of affluent individuals and investors.

While California has traditionally attracted technology founders, recent discourse has centered on “tax flight” as neighboring states trim corporate and personal taxes. Insiders in the industry view the wealth tax as a possible trigger for moves, leading many CEOs and venture capitalists to publicly discuss their intentions.

A Bay Area native, Luckey’s personal and professional ties to California run deep. Following the 2014 sale of Oculus to Facebook, he launched Anduril Industries, a defense‑tech company based in Los Angeles, and continues to engage in regional philanthropy. His choice to remain reflects a wider belief among certain founders that the state’s ecosystem, talent and culture outweigh tax worries.

Instead of relocating, Luckey said he will align with the expanding group of business leaders opposing the wealth tax. He intends to back legal actions and policy drives that contend the levy could damage California’s competitiveness. By teaming up with other high‑profile individuals, he aims to influence the legislative discussion prior to a final vote.

The dispute underscores a broader clash between progressive revenue ambitions and the wish to keep California’s innovation engine intact. As lawmakers fine‑tune the proposal, advocates on each side are expected to ramp up outreach to voters and legislators. It remains unclear if Luckey’s position will tip the balance, yet his pledge to remain and contest the tax indicates the wealth‑tax debate will stay a pivotal issue for the state’s political and economic trajectory.