Tech Tycoons Chris Larsen and Tim Draper Unveil New Political Action Committee Opposing Unions

The battle lines are drawn between billionaires and unions in California, as tensions escalate.

Crypto moguls Chris Larsen and Tim Draper have committed millions to a political initiative known as Grow California. According to the New York Times, this group aims to counteract the influence of powerful unions and promote the election of moderate candidates to the state Legislature.

Larsen expressed his frustration to the Times, particularly with the controversial 5% wealth tax on billionaires, which has stirred discontent among California’s affluent tech community.

“The unions really hit a nerve with that wealth tax,” Larsen remarked. “They’ve awakened a sleeping giant. The silver lining is that it’s time for businesses to stand firm and stop being apologetic for their existence. Enough with the passivity.”

Partnering with Draper, a prominent venture capitalist and Bitcoin enthusiast, Larsen has initiated Grow California with $40 million pledged towards independent expenditure committees and associated nonprofits, as reported by the Times.

The group plans to spend big to elect business-friendly candidates for state offices and counteract powerful unions that often have the ear of California’s Democratic supermajority.

Democrats hold more than two-thirds of seats in the state Assembly and Legislature.

Larsen, an active political donor in San Francisco and national races, told the Times he plans to give around $30 million of his own money to Grow California.

“If it takes a couple of cycles, fine — that’s what we’re here for,” he added.

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Larsen isn’t the only California billionaire gearing up for a fight with the state’s political establishment.

Google co-founder Sergey Brin and former CEO Eric Schmidt have banded together with other wealthy moguls to form Building a Better California, according to Bloomberg.

Its key priority is to kill the proposed billionaire tax, which is bound for the November ballot if organizers SEIU–United Healthcare Workers West gather enough signatures.

Building a Better California has raised $35 million, including a $20 million donation from Brin, according to campaign filings cited by Bloomberg.

Lorena Gonzalez, president of the California Federation of Labor Unions, AFL-CIO, blasted the billionaires behind Grow California as a voice for themselves.”

“We won’t be bullied, no matter how big the bully thinks he is,” she said.