Tech billionaires including Peter Thiel and Larry Page are reportedly preparing to leave California should a proposed one‑time wealth tax qualify for the ballot, a move that could reshape local philanthropy and university fundraising. The proposal would tax residents worth more than $1 billion at 5% of assets, paid over five years to fund healthcare and offset federal cuts, and backers say it could raise roughly $100 billion. Universities and private colleges that rely on major gifts and regional tech ecosystems will watch outcomes closely; a relocation of high‑net‑worth donors and founders could alter endowment pipelines, campus partnerships and talent flows for research and startups.