00:00Mark Zuckerberg is doubling down on California, even as other billionaires are leaving.
00:05The Meta founder recently pledged $15 million to Sacramento State University
00:09to fuel state-of-the-art STEM labs and an AI center.
00:13The donation comes after other billionaires like Larry Ellison, Peter Thiel, and Sergey Brin
00:18moved their permanent residences out of the state to avoid a proposed billionaire tax.
00:23The one-time tax of 5% on total wealth would apply to California residents
00:28whose net worth is $1 billion or more.
00:30According to a California labor union, that would impact 200 people who hold a combined wealth of $2 trillion.
00:37Zuckerberg hasn't publicly commented on the billionaire tax,
00:41but his donation does follow his previous pattern of investing in tech.
00:45In 2015, he and his wife launched the Chan Zuckerberg Initiative and pledged to give away 99% of their
00:51fortune.
00:51And they've refocused their philanthropic efforts to AI-powered biomedical research
00:56with a particular focus on their flagship Biohub network.
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