California’s proposed billionaire wealth tax has qualified for the November ballot after supporters submitted enough signatures. Backers still have until June 25 to decide whether to proceed as opponents, including Gov. Gavin Newsom and major tech figures, mobilize against it.
Posts tagged as “Silicon Valley”
The 2026 Democratic primary in Illinois to replace Senator Dick Durbin centers on immigration enforcement, with candidates Lieutenant Governor Julianna Stratton, and Representatives Raja Krishnamoorthi and Robin Kelly all opposing ICE but differing in their reform approaches. The race is heavily influenced by outside spending, notably Krishnamoorthi’s $29 million ad campaign supported by a pro-crypto super PAC, while Governor JB Pritzker backs Stratton with significant financial resources, highlighting his political influence. This contest underscores broader Democratic Party divisions on immigration policy, anti-Trump strategies, and the impact of campaign financing ahead of the 2026 midterms.
X Corp., the parent company of Twitter, is threatening legal action against Meta, a Silicon Valley-based social media company, over its new Threads app. Twitter's attorney has accused Meta of using trade secrets and poaching employees to develop the app, which has already gained millions of users. Meta has denied the allegations, and Twitter has yet to comment on the letter. This dispute is the latest example of Silicon Valley companies battling over intellectual property.
Rep. Ro Khanna of California announced on Sunday that he will not be entering the competitive Democratic primary to fill the Senate seat of retiring Sen. Dianne Feinstein, instead opting to endorse fellow progressive Rep. Barbara Lee. Khanna cited his belief that the House of Representatives is the best place for him to serve as a progressive, and Lee has been a vocal advocate for criminal justice reform, economic justice, and women’s rights. The California Democratic primary for Feinstein’s seat will be held in June 2022, with Khanna’s decision to stay in the House setting the field of candidates vying for the seat.
Four of the country's most powerful banks have joined forces to provide a $30 billion cash infusion to First Republic Bank in response to the banking crisis, with the Biden administration guaranteeing uninsured deposits and the Federal Reserve announcing a new lending program. This move highlights the political peril of the sudden crisis and the hundreds of billions of dollars already involved in the federal government's response.
Key takeaways: The U.S. government is deploying emergency measures to backstop deposits at Silicon Valley Bank and Signature Bank. The FDIC has granted a systemic…
The U.S. government is facing a critical decision this weekend to decide whether to bail out Silicon Valley Bank, which serves the wealthy and powerful of Silicon Valley. Prominent Silicon Valley personalities and executives have called for Washington to come to the rescue of the bank’s depositors, warning of more bank runs if the government does not act. American regulators are working to develop a plan that would guarantee all uninsured deposits held by SVB customers, while also looking into the possibility of finding another bank to buy SVB.
California regulators have abruptly shut down Silicon Valley Bank, a 40-year-old financial institution that catered to the tech industry, due to mounting concerns that customers were on the verge of pulling their money. The closure has caused a stir in the markets, raising questions about its potential impact on the broader banking system and economy. The Federal Deposit Insurance Corporation (FDIC) has taken control of the bank and is working to protect customers and sell the bank's assets.