Billionaire blitz: Silicon Valley elites funnel millions into key California political contests

FROM A WIDE-OPEN GOVERNOR’S RACE to a bitter congressional contest, Santa Clara County has emerged as a key battleground in the tech industry’s bid to control California politics — and shield billionaires from a wealth tax.

Two electoral fights have shaped the “Valley of Heart’s Delight” into combative territory. In the 17th Congressional District, incumbent Rep. Ro Khanna is facing a challenge from tech founder Ethan Agarwal, a fellow Democrat. Agarwal is an opponent of the ballot initiative to levy a one-time, 5% wealth tax on Californians with more than $1 billion in assets. He announced his bid after Khanna became one of the proposed tax’s loudest champions. That opposition has partly colored Agarwal’s campaign — backed by Silicon Valley tech elites such as YCombinator CEO Garry Tan — as he frequently blasts Khanna’s support for the tax online, as well as Khanna’s family ties to stock trading.