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Silicon Valley Billionaires Panic Over California’s Proposed Wealth Tax

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Silicon Valley Billionaires Panic Over California’s Proposed Wealth Tax


Did California lose Larry Page? The Google and Alphabet cofounder, who left day-to-day operations in 2019, has seen his net worth soar in the years since—from around $50 billion at the time of his departure to somewhere approximating $260 billion today. (Leaving his job clearly didn’t hurt his wallet.) Last year, a proposed ballot initiative in California threatened billionaires like Page with a one-time 5 percent wealth tax—prompting some of them to consider leaving the state before the end of the year, when the tax, if passed, would retroactively kick in. Page seems to have been one of those defectors; The Wall Street Journal reported that he recently spent more than $170 million on two homes in Miami. The article also indicated his cofounder Sergey Brin also might become a Florida man.

The Google guys, formerly California icons, are only two of approximately 250 billionaires subject to the plan. It’s not certain whether many of them have departed for Florida, Texas, New Zealand, or a space station. But it is clear that a lot of vocal billionaires and other super rich people are publicly losing their minds about the proposal, which will appear on the November ballot if it garners around 875,000 signatures. Hedge fund magnate Bill Ackman calls it “catastrophic.” Elon Musk, the world’s richest man, boasted that he already pays plenty of taxes, so much so that one year he claims his tax return broke the IRS computer.

Still, when considered as a percentage of income, even the big sums paid by some billionaires are way lower than the tax rates many teachers, accountants, and plumbers pay every year. If Musk, currently worth an estimated $716 billion, had to pay a 5 percent wealth tax, he’d probably manage to scrape by with a $680 billion nest egg—enough to buy Ford, General Motors, Toyota, and Mercedes, and still remain the world’s richest person. (In any case, he’s safe from California taxes; a few years ago he moved to Texas.)

California’s politicians, including Governor Gavin Newsom, are generally opposed to the initiative. A glaring exception is Representative Ro Khanna, who said to WIRED in a statement that he’s on board with “a modest wealth tax on billionaires to deal with staggering inequality and to make sure people have healthcare.”

Khanna might pay a price for taking on the wealthy and may face a primary challenge backed by oligarch bucks because of it. A safer position for Bay Area politicians is the one taken by San Jose mayor Matt Mahan. He recently posted a tweet stream opposing the bill, saying that if California passed the wealth tax it would be cutting off its nose to spite its face. When I speak to Mahan, he emphasizes the risk of California standing alone in taxing the net worth of billionaires. “It puts at risk our innovation economy that is the real engine of economic growth and opportunity,” he says. (Mahan isn’t super rich, but he is billionaire-adjacent: He once was CEO of a company cofounded by former Facebook president Sean Parker.)

Because of the mobility of rich people, California does have real worries about the impact of a state wealth tax. Not being a billionaire myself, I find the idea baffling—moving away from one’s ideal home simply to avoid a tax that makes no impact on your living situation seems, to use Mahan’s words, like cutting off your nose to spite your face.

Also, I don’t see why an exodus of billionaires necessarily means the end of Silicon Valley as the heart of tech innovation. If you want to become a billionaire, there’s no place better than the Bay Area, with an ecosystem that nurtures innovative businesses. That’s not changing. A few years ago, some tech people moved to Miami, claiming it was going to become the new Silicon Valley. That didn’t happen.



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Europe’s Online Age Verification App Is Here

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Europe’s Online Age Verification App Is Here


The European online age verification app is ready.

The app works with passports or ID cards, is built to be “completely anonymous” for the people who use it, works on any device (smartphones, tablets, and PCs), and is open source. “Best of all, online platforms can easily rely on our age verification app, so there are no more excuses,” said European Commission president Ursula von der Leyen at a press conference on Wednesday. “Europe offers a free and easy-to-use solution that can protect our children from harmful and illegal content.”

High Expectations

“It is our duty to protect our children in the online world just as we do in the offline world. And to do that effectively, we need a harmonized European approach,” von der Leyen said at Wednesday’s press conference. “And one of the central issues is the question, how can we ensure a technical solution for age verification that is valid throughout Europe? Today, I can announce that we have the answer.”

This answer takes the form of an open source app that any private company can repurpose, as long as it complies with European privacy standards and offers the same technical solution throughout the European Union. The user downloads the app, agrees to the terms and conditions, sets up a pin or biometric access, and proves their age through an electronic identification system, or by showing a passport or ID card (in which case biometric verification is also provided). The app does not store your name, date of birth, ID number, or any other personal information, according to the European Commission—only the fact that you are over a certain age.

After that, when a person using the app wants to access a social network (minimum age: 13), pornographic site (minimum age: 18), or any other age-protected content, if they are logged in from a computer, they need only scan the QR code shown on the site they want to visit. If, on the other hand, the person logs in from a smartphone, the app sends the proof of age directly. The platform does not access the document with which the user proved it in the first place.

Adoption Event

The need to introduce a common system for the entire European Union has been discussed for some time, and according to commission technicians, the technical work is now complete. Of course, it will still be possible to circumvent the system—all it takes is for an adult to lend their phone to a younger friend—but the technological architecture exists, and it will be up to EU member states to decide whether to integrate it into national digital wallets or develop independent apps.

“No More Excuses”

For the app to really be effective, platforms must be obligated to verify the age of their users—that’s where things get tricky. The Digital Services Act, which went into effect in 2024, requires “very large online platforms”—those with more than 45 million monthly users in the European Union—to take concrete steps to mitigate systemic risks related to child protection, with heavy penalties for noncompliance.

“And that’s why Europe has the DSA: to call online platforms to their responsibilities. Because Europe will not tolerate platforms making money at the expense of our children,” European Commission executive vice president Henna Virkkunen told a press conference. She added that after an investigation into TikTok, the European institutions plan to take similar action against Facebook, Instagram, and Snapchat, as well as four porn sites. “Since the platforms do not have adequate age verification tools, we developed the solution ourselves,” he concluded. In short, as von der Leyen also remarked, “there are no more excuses.”

Bare Minimum

So far, this is the European framework that sets the general rules. On this basis, member states can consider more restrictive measures. Italy was among the first to discuss how to regulate the use of social media by minors but has so far not landed on anything concrete. Elsewhere in the EU, France’s Emmanuel Macron has been a trailblazer on the issue, pushing France to discuss a rule to ban social networks for minors under the age of 15 entirely. So far, this measure has received broad political support—but the outcome depends largely on compatibility with the Digital Services Act and the availability of effective age verification systems like the app the European Commission just released.

This article originally appeared on WIRED Italia and has been translated.



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Anthropic Plots Major London Expansion

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Anthropic Plots Major London Expansion


Anthropic is moving into a new London office as it seeks to expand its research and commercial footprint in Europe, setting up a scrap between the leading AI labs for talent emerging from British universities.

The company, which opened its first London office in 2023, is moving to the same neighborhood as Google DeepMind, OpenAI, Meta, Wayve, Isomorphic Labs, Synthesia, and various AI research institutions.

Anthropic’s new, 158,000-square-foot office footprint will have space enough for 800 people—four times its current head count—giving it room to potentially outscale OpenAI, which itself recently announced an expansion in London.

“Europe’s largest businesses and fastest-growing startups are choosing Claude, and we’re scaling to match,” says Pip White, head of EMEA North at Anthropic. “The UK combines ambitious enterprises and institutions that understand what’s at stake with AI safety with an exceptional pool of AI talent—we want to be where all of that comes together.

UK government officials had reportedly attempted to coax Anthropic into expanding its presence in London after the company recently fell out with the US administration. Anthropic refused to allow its models to be used in mass surveillance and autonomous weapon systems, leading to an ongoing legal battle between the AI lab and the Pentagon.

As part of the expansion, Anthropic says it will deepen its work with the UK’s AI Security Institute, a government body that this week published a risk evaluation of its latest model, Claude Mythos Preview. According to Politico, the UK government is one of few across Europe to have been granted access to the model, which Anthropic has released to only select parties, citing concerns over the potential for its abuse by cybercriminals.

The increasing concentration of AI companies in the same London district is an important step in creating a pathway for research to translate into AI products, says Geraint Rees, vice-provost at University College London, whose campus is around the corner from Anthropic’s new office.

“This cluster didn’t emerge from a planning document. It grew because serious researchers and companies understand that proximity isn’t a nice-to-have,” he said last month, speaking at an event attended by WIRED. “That’s how the innovation system actually works. It’s not a clean, linear transfer from lab to market. It’s messier, richer, more human than that.”



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CYBERUK ’26: UK lagging on legal protections for cyber pros | Computer Weekly

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CYBERUK ’26: UK lagging on legal protections for cyber pros | Computer Weekly


The increasingly long-in-the-tooth Computer Misuse Act (CMA) of 1990 remains an albatross around the neck of British cyber security professionals, and even though the UK government committed last December to reforming it, every minute of delay is holding back the nation’s security innovation, resilience, talent, and ability to defend itself against cyber attacks, campaigners have warned.

Ahead of the National Cyber Security Centre’s (NCSC’s) upcoming CYBERUK conference in Glasgow, the CyberUp Campaign for reform of the Computer Misuse Act (CMA) has published a new report, titled Protections for Cyber Researchers: How the UK is being left behind to maintain pressure on Westminster.

The CMA defines the vague offence of unauthorised access to a computer, which the campaigners want changed because it was written 35 years ago and fails to account for the development of the cyber security profession, and the fact that in the course of their day-to-day work, cyber pros may sometimes need to hack into other systems.

“Cyber attacks are growing in scale, sophistication and severity, with a devastating impact on infrastructure, businesses and charities,” said a CyberUp campaign spokesperson.

“While other countries have moved to refresh their cyber laws in response, the UK’s Computer Misuse Act hasn’t been updated since before the modern internet – hardly the best platform for accelerating our defences into the next decade.”

The group’s report highlights how other nations, Australia, Belgium, France, Germany, Hong Kong, Malta, Portugal, and the USA, have already secured legal protections for cyber professionals that enable them to go about their business without fear of prosecution.

In Portugal – Britain’s oldest formal ally under a treaty dating back to the 14th Century – the government last year published Decreto-Lei 125/2025, implementing the European Union (EU) Network and Information Systems (NIS2) Directive and revising the country’s cyber crime law to ensure that ethical hackers and professional cyber security practitioners working in good faith are both recognised and protected.

Portgual’s laws now accept some elements of cyber work may have to happen without explicit permission or involve unanticipated technical overreach that has a legitimate purpose.

As such, Portugal says that security work undertaken in good faith won’t be punished as long as the researcher fulfills a set of conditions. For example, they can act only to find vulnerabilities and these must be reported immediately, they must avoid taking harmful actions, like conducting DDoS attacks or installing malware, and they must respect the integrity of any data they may find or access and delete it within 10 days once the issue is addressed.

CyberUp said Portugal’s example demonstrates how cyber crime laws can be modernised to legally protect research carried out in the public interest.

“Portugal has demonstrated how to modernise their equivalent law through cyber legislation. We urge the government to follow this example and act swiftly through the Cyber Security and Resilience Bill to achieve meaningful reform, or risk lagging even further behind our peers,” the spokesperson said.

Defence Framework

Working with cyber security experts and legal advisors, the CyberUp campaign has developed its own Defence Framework that would allow cyber professionals to present a statutory defence in court as long as they adhere to the Framework’s four core principles.

  • Harm Vs. Benefit: The benefits of the activity must outweigh the potential harms;
  • Proportionality: Cyber pros must take all reasonable steps to minimise the risks of their activity;
  • Intent: They must act honestly, sincerely, and clearly direct themselves towards improving security;
  • Competence: Their qualifications and professional memberships should demonstrate they are suitably equipped to perform cyber security work.

The campaigners say this framework will bring clarity and confidence to the security sector, enabling cyber pros to run essential research tasks without fear of criminal prosecution, helping organisations operate to recognised legal standards, and enabling a more open and collaborative relationship between the cyber sector and the UK government.



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