Coinbase CEO Brian Armstrong considers leaving California over wealth tax

Coinbase CEO Brian Armstrong is considering relocating himself and potentially his company from California in response to a proposed wealth tax. Armstrong, whose net worth is estimated at $8.8 billion, described the proposal as ‘deeply un-American’ and suggested it might be unconstitutional, stating that seizing assets is ‘against my values.’

The proposed tax, originated by the Service Employees International Union United Healthcare Workers West (SEIU-UHW), would target individuals living in California as of January 1 who hold a net worth of $1 billion or more by the end of the year. The union claims the levy could raise $100 billion to address healthcare funding gaps.

While Coinbase maintains a remote-first operational model, the company recently signed a lease for 150,000 square feet of office space in San Francisco. The tax proposal has faced opposition from high-ranking Democrats, including Governor Gavin Newsom and gubernatorial candidate Xavier Becerra.