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Peter Thiel and Larry Page are preparing to flee California in case the state passes a wealth tax

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Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.

Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.

Meanwhile, Google cofounder Larry Page has discussed leaving the state by year’s end, sources told the Times, while three limited liability companies associated with him have filed documents to incorporate in Florida.

The Thiel Foundation and Google parent Alphabet didn’t immediately respond to requests for comment. Representatives for Thiel and Page did not respond to the Times.

Tech investor Chamath Palihapitiya has warned on the risk of a wealth tax in California, saying it will eventually bankrupt the state.

“The inevitable outcome will be an exodus of the state’s most talented entrepreneurs who can and will choose to build their companies in less regressive states,” he posted on X on Monday. “All that will be left behind is the middle class. The tax burden, then, will fall to the middle class because after the ‘richest’ choose to leave, the middle class are both (a) the only ones left and (b) are the largest source of state income to extract taxes from.”

On Friday, he posted in a reply to Sen. Ted Cruz, who urged him to move to Texas, that it’s “under serious consideration.”

Backers of the potential wealth tax must still gather enough signatures before it can qualify for the ballot in November 2026.

The proposal calls for California residents worth more than $1 billion to pay a one-time tax equivalent to 5% of their assets. According to the Bloomberg Billionaires Index, Page is worth $270 billion and Thiel is worth $27.2 billion.

The healthcare union pushing the measure, the Service Employees International Union-United Healthcare Workers West, estimated the wealth tax could raise $100 billion in revenue and offset federal cuts.

But California Gov. Gavin Newsom, a Democrat who is also considered a top presidential hopeful, has come out against it.

Companies have already been leaving California for places with lower taxes and less red tape. Elon Musk moved Tesla and SpaceX to Texas.

And while leading AI companies are based in California, new data centers and AI infrastructure are being built outside the state, where land, water and electricity are more available.

New Yorkers aired similar worries about an exodus after democratic socialist Zohran Mamdani was elected the city’s mayor last month. But so far, that has yet to materialized as luxury home sales in Manhattan surged in November.

Democratic Rep. Ro Khanna, who represents part of Silicon Valley, said tax dollars helped build the AI industry and dismissed the idea that tech entrepreneurs wouldn’t start companies in the state due to a 1% tax, adding that innovators are drawn to the area’s talent.

“We cannot have a nation with extreme concentration of wealth in a few places but where 70 percent of Americans believe the American dream is dead and healthcare, childcare, housing, education is unaffordable,” he said on X. “What will stifle American innovation, what will make us fall behind China, is if we see further political dysfunction and social unrest, if we fail to cultivate the talent in every American and in every city and town.”

Still, he acknowledged lack of accountability and fraud concerns over state tax dollars, saying Sacramento needs anti-corruption measures.

Blake Scholl, founder and CEO Boom Supersonic, pointed to the billions spent by California for a high-speed rail project that’s over-budget and behind schedule.

“This is morally wrong and ends poorly for everyone,” he said about the wealth tax in response to Khanna on X.



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Blue Origin names Tory Bruno to new national security group

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Tory Bruno, the former chief executive officer and president of United Launch Alliance, will become the president of the new national security group at Blue Origin, the Jeff Bezos-founded space venture that is one of ULA’s biggest suppliers and rivals.

The company announced the move in a post on X

As head of the group, Bruno will oversee “the development of cutting-edge products, services, and technologies aimed at enhancing national security missions,” according to an internal email from Blue Origin CEO Dave Limp, seen by Bloomberg.

“We share a deep belief in supporting our nation with the best technology we can build,” Limp said in a statement. “Tory brings unmatched experience, and I’m confident he’ll accelerate our ability to deliver on that mission.”

Bruno’s hiring and the creation of the new team indicates Blue Origin is placing further emphasis on national security applications for its various rockets and space projects. Both ULA and Blue Origin are part of an elite group of rocket launch providers, including SpaceX, that are allowed to loft the most sensitive national security satellites for the US military.

Bruno’s resignation from ULA, a joint rocket venture between Boeing Co. and Lockheed Martin Corp., was announced on Dec. 22. He served in the role for nearly 12 years.

During his tenure leading ULA, Bruno oversaw the retirement and phasing out of the company’s older Delta and Atlas rockets, while spearheading the development of a new rocket called Vulcan. The new rocket, however, suffered from numerous delays and has struggled to ramp up its launch cadence after debuting in January 2024.

Blue Origin provides the main engines for Vulcan, while also serving as a competitor to ULA with its own New Glenn orbital rocket. While at ULA, Bruno led a joint partnership with Blue Origin in 2014 to develop the company’s BE-4 engines to be used in the Vulcan rocket.

New Glenn, which will eventually be used for national security missions, launched its second mission in November. During that flight, the rocket’s main booster successfully landed on a floating barge in the ocean after takeoff.

Blue Origin is also transitioning its in-space systems business unit into the new national security group, according to Limp’s internal memo. The current head of the unit, Paul Ebertz, will now report to Bruno. 

The in-space systems group includes projects like Blue Ring, which aims to develop a versatile satellite that can do a diverse range of tasks in space, and the company’s efforts to build a new communications spacecraft that could orbit Mars.



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Jeffrey R. Holland, next in line to lead Church of Latter-day Saints, dies at 85

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Jeffrey R. Holland, a high-ranking official in the Church of Jesus Christ of Latter-day Saints who was next in line to become the faith’s president, has died. He was 85.

Holland died early Saturday morning from complications associated with kidney disease, the church announced on its website.

Holland, who died in Salt Lake City, led a governing body called the Quorum of the Twelve Apostles, which helps set church policy while overseeing the many business interests of what is known widely as the Mormon church.

He was the longest-tenured member of the Quorum of the Twelve after President Dallin H. Oaks, making him next in line to lead the church under a long-established succession plan. Oaks, 93, became president of the church and its more than 17 million-strong global membership in October.

Henry B. Eyring, who is 92 and one of Oaks’ two top counselors, is now next in line for the presidency.

Holland had been hospitalized during the Christmas holiday for ongoing health complications, the church said. Experts on the faith pointed to his declining health in October when Oaks did not select Holland as a counselor.

His death leaves a vacancy in the Quorum of the Twelve that Oaks will fill in coming months, likely by calling a new apostle from a lower-tier leadership council. Apostles are all men in accordance with the church’s all-male priesthood.

Holland grew up in St. George, Utah, and worked for many years in education administration before his call to join the ranks of church leadership. He served as the ninth president of Brigham Young University, the Utah-based faith’s flagship school, from 1980 to 1989 and was a commissioner of the church’s global education system.

Under his leadership, the Provo university worked to improve interfaith relations and established a satellite campus in Jerusalem. The Anti-Defamation League later honored Holland with its “Torch of Liberty” award for helping foster greater understanding between Christian and Jewish communities.

Oaks, also a former BYU president, reflected Saturday on his more than 50 years of friendship and service with Holland, calling their relationship “long and loving.”

“Over the last three decades as a member of the Quorum of the Twelve Apostles, he lifted the weary, encouraged the faithful and bore a powerful witness of the Savior — even through seasons of significant personal trials,” Oaks said.

Holland was known as a dynamic orator whose sermons combined scholarship with tenderness. In 2013 he spoke to church members about supporting loved ones with depression and other mental illnesses, sharing openly about times when he felt “like a broken vessel.”

Holland is widely remembered for a 2021 speech in which he called on church members to take up metaphorical muskets in defense of the faith’s teachings against same-sex marriage. The talk, known colloquially as “the musket fire speech,” became required reading for BYU freshmen in 2024, raising concern among LGBTQ+ students and advocates.

Holland was preceded in death by his wife, Patricia Terry Holland. He is survived by their three children, 13 grandchildren and several great-grandchildren.



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Bolsonaro undergoes medical procedure to treat severe hiccups

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Brazil’s former president, Jair Bolsonaro, underwent a medical procedure on Saturday afternoon at a hospital in Brasília to treat a bout of persistent hiccups.

The intervention, described as successful by his medical team in a Saturday press conference, involved blocking the phrenic nerve, which runs from the neck to the diaphragm. Saturday’s procedure was on Bolsonaro’s right side. A second procedure is scheduled for Monday to block the same nerve on the opposite side.

On Thursday, Bolsonaro also underwent surgery to repair a hernia, a consequence of the abdominal stabbing he suffered during the 2018 presidential campaign. The procedure was carried out without complications, according to his medical team. He endorsed his son Flavio’s 2026 presidential bid in a statement ahead of his surgery Thursday.

Bolsonaro is currently in prison after being convicted by the Supreme Court of attempting to carry out a coup following his electoral defeat in 2022.

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