Late last year, the architects of California’s “Billionaire Wealth Tax” ballot proposition quietly amended language in their proposal which, if successful, would permanently end the concept of founder-controlled startups in the state — a technology industry kill switch.

Naturally, media discourse surrounding the issue collapsed into a question of “billionaire greed,” with a Teen Bop-esque focus on famous men speaking to each other in group chats on Signal (one group has been reported, in fact there are several). But this isn’t just a tax. This isn’t even just a horrifying first-of-its kind asset seizure that, like income tax, will almost certainly come for all of us. This ballot proposition redefines net worth in such a way that founders are considered owners of anything they control, assessing a founder with 10x voting rights per share in his own company, for example, as being “worth” 10x the dollar value of his equity.

Per the late November amendment:

“(C) For any interests that confer voting or other direct control rights, the percentage of the business entity owned by the taxpayer shall be presumed to be not less than the taxpayer’s percentage of the overall voting or other direct control rights.”

Question: what is 5% of 10x everything you actually own?

Come Election Day, if this proposition lands on the ballot and succeeds as written, founders throughout the industry who haven’t already left will not only be forced to sell control of their companies, many could go bankrupt. (Yes, literally).

Following conversations with 15 prominent billionaires in tech who would be impacted by the policy directly, I can confirm the redefinition of ownership as control has especially shocked industry leaders, many of whom donated to men like Congressman Ro Khanna, who has since publicly supported the ballot proposition. If these men are not already leaving the state, they have a plan to leave. Not in protest, but because it is the only way for them to guarantee control of their companies.