In 2023, there were 188 billionaires in California. That number’s probably much higher now, since the ultra-rich have gotten much fatter under Trump at the expense of everyone else.

So we’re talking about 3% who claim they’re fucking off because of the proposed tax? And it’s questionable whether they left or just said they would, and also if their stated reason was the real one.

So: not unfounded, just a grossly exaggerated impact.