AI Czar Criticizes California Billionaire Wealth Tax

David Sacks, the White House AI czar, told CNBC at Davos that a proposed California one-time wealth tax on billionaires would amount to 'asset seizure' and could enable repeated levies. The ballot initiative would impose a 5% tax on residents with net worths above $1.1 billion; supporters are still gathering signatures and legal challenges are expected.