Cuban Says Only 'Idiot' Founders Would Stay in California Under Wealth Tax

August 20, 2026 at 09:23 PM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Mark Cuban said that "only idiot" startup founders would remain in California if a proposed wealth tax passes. Business Insider asked three founders whether they would leave, and responses were mixed: Jesse Tinsley said he would move to Florida, while Jaspar Carmichael-Jack said he would seriously consider leaving. California will vote on its statewide "billionaire tax" in November.

Key Facts

Mark Cuban wrote on X that "if this passes, only idiot startup founders stay."
California will vote on its statewide "billionaire tax" in November.
Jesse Tinsley, founder of Mainstreet.com, said he would leave California and move to Florida if the tax passed.
Jaspar Carmichael-Jack, cofounder of Artisan, said he would seriously consider leaving California in the medium term if the tax passed.
A third founder told Business Insider that founders want to be close to the epicenter of AI.

The Wealth Tax Warning

Mark Cuban, responding on X to Rep. Ro Khanna, said the proposed wealth tax would adversely affect founders who may be billionaires in stock but lack the cash to pay it. Cuban wrote that "if this passes, only idiot startup founders stay." In an email to Business Insider, Cuban clarified that not every founder will face the tax. He added that there are "a lot of incentives to go elsewhere" and that California is not the only place with a nice climate. California will vote on its statewide "billionaire tax" in November.

Founder Reactions

Business Insider asked three startup founders whether they would leave California if the tax passed, and the results were mixed. Jesse Tinsley, founder of Mainstreet.com, said he would leave the state and head to Florida, specifically Miami or Palm Beach. Tinsley said billionaires do not speak out publicly because they do not want public backlash, and cited the Laffer curve theory. Jaspar Carmichael-Jack, cofounder of Artisan, said he would seriously consider leaving California in the medium term if the tax passed. A third founder said founders want to be close to the epicenter of AI.