California’s 2026 election isn’t just another policy fight — it’s a stress test for whether democracy can still regulate concentrated wealth. As Silicon Valley’s billionaire class pours unprecedented money into the governor’s race, ballot initiatives, and down‑ballot contests, the state has become the proving ground for what Politico calls “the big tech flex.” The Guardian reports that tech donors are executing a full-spectrum political strategy: saturate campaigns, shape narratives, and ensure that any challenge to concentrated wealth is met with overwhelming financial force.

Into this storm steps Sen. Bernie Sanders, who arrived in Los Angeles to back a billionaire tax that has triggered open revolt among the state’s wealthiest residents. “Our nation will not thrive when so few own so much,” Sanders wrote — a line that lands even harder as The New York Times documents billionaires scrambling to restructure assets, shift residency, and even consider divorce to avoid paying more.

This is the collision at the heart of the fight: a state trying to tax extreme wealth, and a billionaire class signaling it may simply opt out. Newsom warns of capital flight. Economists warn of unpredictable shocks. Tech donors are already flooding the political system to shape the outcome.

We laid out the stakes yesterday — and today, we’re publishing the full Bernie Sanders speech that drives the point home.

Key Highlights from Bernie Sanders’ “Billionaire Tax Now” Speech (Los Angeles)

The Central Message

  • Sanders frames the fight over a billionaire tax as the defining moral and economic struggle of our time, arguing that the U.S. is facing “the grotesque level of income and wealth inequality” unseen in its history.
  • He insists the billionaire class has become an oligarchy, detached from society and convinced they have a “divine right to rule.”

Economic Inequality

  • Over 60% of Americans live paycheck to paycheck, struggling with rent, food, healthcare, childcare, and retirement.
  • Meanwhile, “never before have so few had so much wealth and power.”
  • The top 1% owns more wealth than the bottom 93%.
  • One man—Elon Musk—is worth $850 billion, more than 53% of American households combined.
  • CEOs now make 350× the average worker.
  • U.S. billionaires became $1.5 trillion richer in a single year after receiving the largest tax break in history.
  • Over 50 years, $79 trillion has shifted from the bottom 90% to the top 1%.

Corporate Power & Ownership

  • Four Wall Street firms—BlackRock, Vanguard, Fidelity, State Street—are major shareholders in 95% of U.S. corporations.
  • Billionaires increasingly control the media:
    • Musk: Twitter/X
    • Bezos: Washington Post
    • Zuckerberg: Facebook, Instagram, WhatsApp, Threads
    • Ellison: CBS, Paramount, MTV
    • Murdoch: Fox News, WSJ, NY Post

Political Power & Citizens United

  • Sanders calls the political system “corrupt” due to unlimited billionaire spending.
  • Musk spent $290 million to elect Donald Trump.
  • The top 100 richest Americans spent $2.6 billion on the 2024 election.
  • Silicon Valley billionaires are preparing a $200 million AI/robotics super PAC, which Sanders warns will accelerate worker displacement.

AI, Robotics & Worker Threat

  • Sanders warns that billionaire‑driven AI and robotics could throw millions out of work.
  • He calls this “extraordinarily dangerous to the future of the working class.”

The California Fight

  • Sanders says the billionaire tax referendum is not just about revenue—it’s about whether democracy can restrain oligarchic power.
  • He predicts billionaires will run ads threatening job losses and business flight, calling it the same intimidation workers face during union drives.
  • He warns oligarchs: “You are treading on very, very thin ice.”

Calling Out Individual Billionaires

  • Sergey Brin (worth $245B) is spending $20M to defeat the tax.
  • Mark Zuckerberg (worth $226B) owns three yachts and 11 Palo Alto homes.
  • Larry Ellison (worth $213B) owns five private jets and fighter jets.
  • Sanders argues they can easily afford to pay more so Californians can access healthcare.

Healthcare & Tax Priorities

  • Sanders blasts the Trump-era tax cuts that removed 15 million people from Medicaid and ACA coverage to fund $1 trillion in tax breaks for the wealthy.

Historical Parallel & Movement Building

  • He compares today’s billionaires to 18th–19th century monarchs, claiming they no longer see themselves as part of American society.
  • He praises Minnesota workers who resisted ICE, saying organized people can defeat authoritarianism.
  • He frames California as the next frontline: “The people of California can show the world that when we stand together, we can take on the oligarchs.”

Closing Message

  • Sanders ends with a rallying cry: “Enough is enough. The billionaire class cannot have it all. This nation belongs to all of us.”