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Kim-Mai Cutler
@kimmaicutler
The most likely outcome here is that founders (who stayed in California) get their shares held in escrow for years while this is litigated to the SCOTUS, and then the 6-3 SCOTUS guts it and then California doesn't get its ostensible healthcare money (which, by the way, both the California Medical Association and California Hospital Association oppose this measure). And then SEIU-UHW, Ro and the Democratic party will have in meantime alienated an entire generation of builders & founders into the Republican party.
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Ro Khanna
@RoKhanna
Replying to @BillAckman
Bill, appreciate the push on the details. Under a non-recourse structure, when the government takes the pledged shares there is no ordinary debt-forgiveness income and no personal liability. The transfer is treated as a sale of the shares for the amount of the loan. That
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David Watson ๐Ÿฅ‘
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Kim-Mai Cutler
@kimmaicutler
And then even if it fails, I would not underestimate SEIU-UHW's will to run this every other year for awhile, just like all of their Dialysis Wars ballot measures and then, similar outcome with founders and builders alienated into the GOP.
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Brian Anderson
@braindersnn
Taxing wealth is a good goal, but not how itโ€™s proposed in prop 40. Itโ€™ll backfire and be counter productive to the end goal. Hoping it doesnโ€™t pass!
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Reid Greer
@jreidgreer
It's almost unthinkable the damage this will do to the state's economy. All because SEIU wants a hostage and Ro Khanna wants to be president (or at least get a cabinet seat).
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Paul
@snowandcaffeine
Donโ€™t forget every LP, executive, early employee, spouse, kids etc etc The network effect of this is profoundly bad for them All for what? To cater to woke morons who fail at cooking soup.
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Rob Schoening
@robsnextmove
I donโ€™t plan on having $1b and intend to support left of center policies, but by God, I want to see
@RoKhanna
driven out of politics for this crap. Where can I donate to his obliteration?
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Russell Fradin
@rfradin
Could you imagine being a founder of a company where your VC was donating to Ro? Just insane! At some point โ€˜did you donate to Ro?โ€™ Is going to be a question great founders ask.
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Jim
@jim_again
Part of the litigation will concern asset valuations. 5% of what, exactly? Cash and marketable securities are easy to value, but everything else? Not so much. And 5% will be worth fighting over. Endlessly.
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Ben
@brskyrme
Plus, they will have spent it all in anticipation of getting the money and will now have a black hole to fill.
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Kendall Moon
@averybluemoon
Losing the ballot measure is the best thing that could happen to Ro. If it passes, the damage will tarnish his name forever, and his prospects will evaporate.
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Kaichou ไผš้•ท
@zetsurui
I doubt that SCOTUS is able to stop this train lol. "We're hundreds of billions in debt and our political capital is wiped out, we have an escape hatch but the people in robes said no"
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AI Appreciator
@ai_appreciator
Thatโ€™s not the point. The point is whether Ro gets the elevation within the party that he is seeking. He literally doesnโ€™t care at all about anything else.
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Spikels
@Spikels
What a pile of shit CA politicians and voters are. The state has a ~$250B budget and on top of this SF spends ~$17B and LA $15B - state plus local totals ~$900B. This is nuts! How much money do they need to deliver our - frankly poor quality - public services?
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Chuck Darrow
@acd_4
One of the things that should also concern people (if the measure is upheld) is the attack on B class shares. This isnโ€™t just an attack on ownership, itโ€™s an attack on control. If you are successful enough to build a company that is big enough to fit this cohort, then 1/
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