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California’s tech exodus: Entrepreneur warns of a deeper political crisis as tax losses ‘hit $200 billion’

News Batra

26 Dec, 2025

Tech mogul Chamath Palihapitiya warns California faces a deepening crisis as major companies depart, costing billions in lost tax revenue. He blames a hostile political climate towards innovation, citing Elon Musk's move to Texas. Palihapitiya argues this exodus weakens the state's job market and tax base, urging reforms to avoid severe financial stress.

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