Investor Chamath Palihapitiya claims that approximately $500 billion in wealth has left California as billionaires departed to avoid a proposed 'asset seizure tax.' The tax, if passed, would levy a 5% tax on assets exceeding $1 billion for roughly 200 ultra-wealthy residents. Proponents, including the SEIU-UHW healthcare union, estimate it could generate $100 billion for healthcare funding. The measure requires signatures to appear on the November ballot and would apply retroactively if approved by voters.