A massive exodus out of California is expected to happen after SpaceX\u2019s historic and OpenAI\u2019s confidential IPO, unleashing an unprecedented wave of tech millionaires to Florida. <\/p>\n
Following SpaceX\u2019s IPO on June 12 that set the company\u2019s valuation above $2 trillion and made Elon Musk the world\u2019s first trillionaire<\/a>, around 4400 SpaceX employees also became millionaires.<\/p>\n \u201cThe California area codes have already started showing up. It\u2019s just that the conversations are evolving,\u201d Fort Lauderdale Downtown Development Authority CEO and President Jenni Morejon said to Fox News<\/a>.<\/p>\n Aerial view of a Fort Lauderdale neighborhood, where many Californians are fleeing to. Getty Images\/iStockphoto<\/p>\n Fort Lauderdale Downtown Development Authority CEO and President Jenni Morejon.<\/p>\n \u201cThe wealth doesn\u2019t hide here\u2026 and I really think what we\u2019re seeing now with AI founders, with the era of liquidity, with SpaceX, is a generation that\u2019s used to speed and being very public,\u201d she continued.<\/p>\n In December, Google\u2019s co-founder Larry Page spent $188 million on two homes in Miami<\/a> and Meta CEO Mark Zuckerberg followed suit just months later, dropping $170 million on a Miami mansion<\/a> in March.<\/p>\n \u201cFort Lauderdale is poised to welcome the tech titans,\u201d says Morejon of the Californians headed to the Florida city. Getty Images<\/p>\n Many California-based millionaires and billionaires have made the move to the Sunshine State. Getty Images<\/p>\n Other prominent tech billionaires such as Palantir co-founder Peter Thiel and Amazon founder Jeff Bezos have also left the Golden State to protect their fortunes.<\/p>\n \u201cThere is going to be this transitional event with the IPO where executives are finally gonna see probably the biggest cash day most of them have ever seen in their lives. And many of them are not making millions, they\u2019re making tens of millions overnight,\u201d said Joe DaGrosa, the Chair of DaGrosa Capital Partners. <\/p>\n \u201cI think that\u2019s going to have them thinking long and hard about South Florida and Miami,\u201d he added. <\/p>\n California currently has the highest state-level sales tax in the country and the highest income tax rate of 13.3% for individuals making over $1 million. <\/p>\n Florida has no individual state income or capital gains tax. <\/p>\n While boasting the highest taxes, the state\u2019s newly proposed billionaire tax <\/a>is also set to appear on the November general election ballot. The legislation is a one-time 5% levy on California\u2019s billionaires.<\/p>\n \t\t\t\t\t\t\tSign up for the California Morning Report newsletter\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tCalifornia’s top news, sports and entertainment delivered to your inbox every day.\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n Download The California Post App, follow us on social, and subscribe to our newsletters <\/p>\n California Post News: Facebook<\/a>, Instagram<\/a>, TikTok<\/a>, X<\/a>, YouTube<\/a>, WhatsApp<\/a>, LinkedIn<\/a> \t\t\t\t\t\t
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