Tim Draper and Chris Larsen Launch $40M Grow California Initiative to Combat Wealth Tax

Veteran venture capitalist Tim Draper has partnered with Ripple co-founder Chris Larsen to bankroll Grow California, a sweeping $40 million political initiative designed to shape legislative outcomes in the state. The move represents a significant power play within Silicon Valley’s crypto and tech industries, responding directly to proposed wealth taxation policies that would target billionaires.

The $40 Million Political Campaign Against State Wealth Tax

California’s push for a 5% wealth tax on net worth exceeding $1 billion—including unrealized gains—has triggered an unprecedented response from the tech and crypto sectors. Tim Draper and his co-founder partners have mobilized this substantial $40 million war chest specifically to elect moderate legislators who would oppose such taxation frameworks. The wealth tax proposal has become a flashpoint issue, compelling venture capital titans and crypto pioneers to coordinate their political interests at an unprecedented scale.

How Tim Draper is Shaping California’s Political Landscape

Tim Draper’s involvement signals a shift in how Silicon Valley money operates politically. Rather than simply opposing regulation or taxation after the fact, the initiative seeks to fundamentally reshape the composition of California’s legislature by targeting moderate candidates. This proactive strategy reflects the sector’s broader concern about regulatory overreach in crypto and tax policy directions that diverge from venture capital preferences.

Silicon Valley Crypto Community Mobilizes Against Tax Reform

The Grow California initiative emerges against a backdrop of heightened crypto regulation in California while global tax reforms follow divergent paths elsewhere. The mobilization represents more than just opposition to wealth taxation—it signals a broader effort by the crypto and tech sectors to maintain favorable legislative conditions. Industry players are watching closely to see whether Tim Draper and his partners can successfully translate financial firepower into legislative influence and shape California’s future political direction.