Ripple, co-founder contribute $10M to oppose California wealth tax

Ripple and its co-founder Chris Larsen have each contributed $5 million, for a total of $10 million, to the political action committee Golden State Promise to block the introduction of a wealth tax in California, TheStreet reported. The state is advancing a bill to impose a one-time 5% wealth tax on billionaires residing there as of Jan. 1, with 90% of the collected funds intended for public health services. Other prominent figures opposing the tax include Kraken founder Jesse Powell, Google founders Larry Page and Sergey Brin, and investor Peter Thiel.