Billionaire like living in nice places. Rich people that threaten to leave almost never actually follow through on those threats, because even the nicest compound in Mississippi is still in Mississippi.

I think if CA implemented it, the hope would be other States follow suit. I think because billionaires spend their time moving between vacation homes and multiple properties, it may or may not even impact them much, if at all. The ones it does impact, they would probably have some verbiage written in there to sound good but not really have much of an actual effect. Remember, the billionaires are who donate big money to reelection campaigns, and Newsom probably lost his backbone at the right of losing his "power" and position. It's theater, really..

So many policies already protect the billionaires class, their big businesses, and assets; and that's by design. That's why I (and so many others) argue there's no "left vs right" (distraction) it's truly class warfare.

Other people didn't mention that it's a one time tax, vs annual tax and that makes a difference. It costs a lot of money to move and you probably rip up longtime deals you had with the past state if your moving business headquarters too.

States could be imposing an annual tax of up to 10% and most of these billionaires would still be billionaires the next year, a 5% tax is an inconvenience... but a horrible precedent (for them)