Huang: "Move to California" despite high taxes

Investing.com -- Nvidia Corp. Chief Executive Officer Jensen Huang encouraged people to relocate to California despite the state's high tax rates, as several billionaires have recently left amid a proposed new wealth levy.

"I say to everybody, 'Move to California. Don't leave. It's the highest taxes in the world, but it's OK,'" Huang said Thursday during an event at Stanford. "The weather is great."

Huang, the world's 10th-richest person, appeared alongside Congressman Ro Khanna and former national security adviser H.R. McMaster to discuss the US role in the artificial intelligence industry.

The Nvidia CEO previously stated he is "perfectly fine" with any new taxes since he chose to live in Silicon Valley. His remarks contrast with reactions from other billionaires to a proposed California ballot initiative that would impose a one-time 5% levy on net worth to address health care funding shortages.

Khanna has faced criticism for supporting the proposed wealth tax in the state.

Several billionaires have departed California in recent months, including Google co-founders Sergey Brin and Larry Page. Peter Thiel announced he was opening a Miami office of Thiel Capital, while venture capitalist and current AI czar David Sacks announced his move from California to Austin.

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