Oculus Co‑Founder Palmer Luckey Says He’ll Remain in California Amid Wealth‑Tax Debate

Palmer Luckey, the billionaire co‑founder of Oculus VR and a Silicon Valley entrepreneur, told the press he plans to stay in California despite the state's discussion of a new wealth tax targeting its wealthiest citizens. “It’s causing a lot of people to run who I don’t want to be running,” Luckey remarked, noting he will stay put and keep fighting the proposal.

The tax proposal, unveiled by state officials earlier this year, would impose an extra charge on net worth above $50 million, with rates climbing to as much as 3 percent. Proponents say the measure could raise billions to fund education, housing and climate programs, while opponents warn it might speed up an exodus of affluent individuals and investors.

Although California has long attracted tech founders, recent years have seen growing chatter about “tax flight” as neighboring states lower corporate and personal tax rates. Industry observers view the wealth tax as a possible trigger for relocation, prompting a flurry of public statements from CEOs and venture capitalists about their future intentions.

Luckey, a California native raised in the Bay Area, has deep personal and professional ties to the state. After selling Oculus to Facebook in 2014, he launched Anduril Industries, a defense‑technology company based in Los Angeles, and stays involved in local philanthropy. His choice to remain reflects a broader view among some founders that California’s ecosystem, talent pool and culture outweigh fiscal concerns.

Instead of packing up, Luckey said he will join the expanding coalition of business leaders opposing the wealth tax. He intends to back legal challenges and public‑policy campaigns that argue the levy could damage the state’s competitiveness. By aligning with other high‑profile figures, he hopes to influence the legislative debate before a final vote is taken.

The dispute underscores a wider clash between progressive revenue goals and the desire to keep the state’s innovation engine intact. As lawmakers fine‑tune the proposal, advocates on both sides are expected to ramp up outreach to voters and legislators. Whether Luckey’s stance will tip the balance remains unclear, but his pledge to stay and fight signals that the wealth‑tax fight will stay front‑and‑center in California’s political and economic conversation.