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Billionaire Mark Cuban revealed on X that at 24 he lived in a 1,352-square-foot, three-bedroom Dallas apartment with five roommates, sleeping on the floor since he was the last to move in. The apartment, nicknamed the 'Hell Hotel,' cost $2,388 total, roughly $400 per person when split six ways, and he stayed there about two years.
The 2026 midterm elections, which will shape the final two years of Donald Trump's presidency, are expected to center largely on affordability but also include several technology-related topics on voters' minds. These include rising energy costs tied to data centers, AI safety, expansion of surveillance tools like Flock, and a California ballot measure to tax billionaire wealth that has prompted heavy tech industry spending and new stock structures.
An anonymous activist group says it will begin releasing dossiers this month mapping the homes of Elon Musk, his brother Kimbal, Tesla board members, investors and suppliers. The group claims it has raised over $1.2 million and plans to eventually publish more than 150 addresses and 3,500 records on people worth a combined $1.4 trillion, along with alleged evidence of 'criminal exploits and security lapses.'
Defense tech billionaire Palmer Luckey said at a press conference that he opposes California's proposed billionaire wealth tax but will not relocate because of it. Luckey, whose company Anduril is headquartered in Costa Mesa and valued at $61 billion, said other billionaires have pressured him to leave the state as a show of solidarity against the measure. He said his objection isn't to taxation itself but to the fact the ballot measure is sponsored by a healthcare workers' union that would direct the funds.
Meta's board approved a new non-voting Class C common stock class, effective January, which the company says will fund capital raising, employee pay and acquisitions tied to its AI push. The New York Times reports an SEC filing shows the plan was also shaped by CEO Mark Zuckerberg's concerns about California's proposed Proposition 40 billionaire tax, which could impose a one-time 5% levy on billionaires' net worth.
Meta has reached an agreement allowing Mark Zuckerberg to sell shares without losing control of the company, aimed at keeping him in California if a proposed billionaire tax passes. The measure, a one-time 5% levy on residents worth over $1bn, goes before California voters on 3 November. Zuckerberg had warned Meta's board he was considering moving his primary residence out of the state.
A Meta regulatory filing reveals Mark Zuckerberg agreed to remain a California resident for eight years, even though a ballot measure could impose a one-time 5% tax on billionaires' assets starting January 2026. Zuckerberg had considered moving, listing his Palo Alto home for sale and buying property in Florida, before Meta's special board committee negotiated the residency commitment tied to his ability to sell a new class of non-voting shares.
A video clip of Meta CEO Mark Zuckerberg wincing after drinking a Guinness circulated widely online, drawing significant attention and commentary. The moment became a talking point largely because it showed an unscripted, relatable reaction from a billionaire tech executive.
California recently certified a ballot measure for November that would impose a one-time 5% levy on billionaires' wealth, paid over five years, aiming to raise about $20 billion annually for health care, food aid and schools. The Center for Land Economics released a report estimating California's total land value at roughly $8.14 trillion, verified through three separate methods, and argues this dwarfs the state's billionaire wealth base by about eightfold. The report notes six named billionaires already hold substantial wealth outside the state's reach, illustrating the mobility of that wealth compared to land.
Oracle co-founder Larry Ellison called off a prearranged plan to sell as many as 50 million shares of Oracle stock, a transaction that could have been worth up to $7.5 billion. Ellison confirmed that no shares were actually sold under the arrangement before it was withdrawn.
A former startup CEO who has raised tens of millions in VC funding argues that traditional venture capital, once about backing founders to build companies, has been co-opted by a small group of extremely wealthy investors. He says this cohort now operates with little accountability to markets, regulators, or voters, using the VC label to pursue a broader ideological agenda rather than genuine innovation.
Billionaire investor Mark Cuban has publicly criticized California's Proposition 40, a proposed 5% wealth tax targeting billionaires. Cuban argues the measure would disproportionately harm startup founders whose net worth is tied up in illiquid company equity rather than cash, making it difficult for them to pay a tax based on paper wealth.