California Billionaires Unite to Beat Wealth Tax, Gain Influence

A group of some of the world’s richest people, including Sergey Brin and Eric Schmidt, are bankrolling a new pro-business political organization as the tech industry looks to play a greater role in shaping California politics.

The initiative, dubbed Building a Better California, will deploy funds to back candidates and other initiatives across the state, a person familiar said.

A top priority will be opposing the ballot measure that would institute a one-time 5% tax on billionaires in the state, the person said, asking not to be named because the details aren’t public.

Abby Lunardini, a spokesperson for Building ...