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SAN FRANCISCO — As California struggles with homelessness and healthcare cuts, some activists are taking on an unexpected cause: fighting for billionaires.

About a dozen people took part in the “March for Billionaires” on Saturday morning in San Francisco to raise awareness about the plight of the ultrarich. Although some assumed the event was satire, organizer Derik Kauffman said it was a sincere protest against a potential new tax on the state’s wealthiest residents.

“We must not judge billionaires as a class but by their individual merits,” he said, speaking outside the San Francisco Civic Center. “There are good billionaires and bad billionaires, just like there are good people and bad people. California is extraordinarily lucky that this is where people come to start companies and build fortunes and we should do our best to keep it that way.”

The Billionaire Tax Act is a proposed state ballot initiative that would levy a one-time, 5% tax on the state’s billionaires to help offset recent federal cuts that have affected healthcare and food-assistance programs. The tax would apply to their overall net worth but would exclude pensions, real estate and retirement accounts.

Supporters say it would benefit the majority of the state’s residents and help ensure billionaires pay their fair share. Opponents — including Gov. Gavin Newsom — argue it will cause billionaires and the businesses they own to flee the state, taking jobs and tax dollars with them.

Kauffman echoed those concerns Saturday and said everyone should want billionaires to remain in California.

“This tax will drive billionaires out; it already has,” he said. “The founders of Google — they left the state and they are taking their money with them.”

Google is still headquartered in California, but other companies tied to Google co-founders Larry Page and Sergey Brin recently lef the state, including T-Rex Holdings, which moved from Palo Alto to Reno last year.

San Francisco Jan. 7, 2026 Two counter-protesters mockingly impersonated billionaires by playing characters they dubbed “Oli Garch” and “Trilly O’Naire.”

(Katie King / Los Angeles Times)

The event attracted a few dozen humorous counterprotesters.

Razelle Swimmer carried around a puppet of the Swedish Chef from the Muppets, brandishing knives and wearing an apron that said “Eat the Rich.” Swimmer told The Times she doesn’t believe billionaires need more protections.

“If they aren’t willing to pay more taxes, then I don’t really care if they leave,” she said.

Other counterprotesters mockingly impersonated billionaires by donning crowns or top hats. A man and woman, playing characters called Oli Garch and Trilly O’Naire, said they worried what would happen if the tax passed.

“There is a small chance that my helicopter won’t be able to have a sauna in it just because apparently some kids want dental work or something,” said the woman, as she adjusted her tiara.

At one point, a man wearing a gold crown and carrying a sign that said “Let them eat cake” ran through the crowd shouting, “Keep the poors away from me.”

The Service Employees International Union-United Healthcare Workers West, the main backer of the tax proposal, needs to collect about 875,000 signatures by June 24 in order to get the measure on the November ballot.

The Legislative Analyst’s Office, which offers guidance to the Legislature about budgetary issues, has cautioned that the tax might lead to only short-term benefits.

“It is likely that some billionaires decide to leave California,” the agency stated in a recent analysis. “The income taxes they currently pay to the state would go away with their departure. The reduction in state revenues from these kinds of responses could be hundreds of millions of dollars or more per year.”

California has roughly 200 billionaires, the most of any state. Their collective wealth was $2.2 trillion in October, up from $300 billion in 2011, according to a December report from law and economics professors at UC Berkeley, UC Davis and the University of Missouri.

The researchers concluded that billionaires in the United States pay less in taxes, relative to income, than the average American.

“It is estimated that, including all taxes at all levels of government, billionaires paid only 24% of their true economic income in taxes in years 2018-20 while the U.S.-wide average was 30%,” the report states.

Norway’s Crown Princess Mette-Marit’s son has pleaded not guilty to four rape charges as his trial opens in Oslo. Marius Borg Hoiby faces 38 counts, including assault and domestic violence, in a case that has shaken Norway’s royal family.

Iranian President Masoud Pezeshkian emphasised that regional instability ‘benefits no one’ during the call.

Iranian President Masoud Pezeshkian has held a phone call with Saudi Crown Prince Mohammed bin Salman after a United States aircraft carrier arrived in the region amid growing fears of a new conflict with Israel or the US.

The US has indicated in recent weeks that it is considering an attack against Iran in response to Tehran’s crackdown on protesters, which left thousands of people dead, and US President Donald Trump has sent the USS Abraham Lincoln aircraft carrier to the region.

Pezeshkian hit out at US “threats” in the call with the Saudi leader on Tuesday, saying they were “aimed at disrupting the security of the region and will achieve nothing other than instability”.

“The president pointed to recent pressures and hostilities against Iran, including economic pressure and external interference, stating that such actions had failed to undermine the resilience and awareness of the Iranian people,” according to a statement from Pezeshkian’s office on Tuesday.

The statement said that Prince Mohammed “welcomed the dialogue and reaffirmed Saudi Arabia’s commitment to regional stability, security, and development”.

“He emphasised the importance of solidarity among Islamic countries and stated that Riyadh rejects any form of aggression or escalation against Iran,” it said, adding that he had expressed Riyadh’s readiness to establish “peace and security across the region”.

The call between the two leaders comes after Trump repeatedly threatened to attack Iran during a deadly crackdown on antigovernment protests this month. Last week, he dispatched an “armada” towards Iran but said he hoped he would not have to use it.

Amid growing fears of a new war, a commander from Iran’s Islamic Revolutionary Guard Corps (IRGC) on Tuesday issued a warning to Iran’s neighbours.

“Neighbouring countries are our friends, but if their soil, sky, or waters are used against Iran, they will be considered hostile,” Mohammad Akbarzadeh, political deputy of the IRGC naval forces, was quoted as saying by the Fars news agency.

Israel carried out a wave of attacks on Iran last June, targeting several senior military officials and nuclear scientists, as well as nuclear facilities. The US then joined the 12-day war to bombard three nuclear sites in Iran.

The war came on the eve of a round of planned negotiations between the US and Iran over Tehran’s nuclear programme.

Since the conflict, Trump has reiterated demands that Iran dismantle its nuclear programme and halt uranium enrichment, but talks have not resumed.

On Monday, a US official said that Washington was “open for business” for  Iran.

“I think they know the terms,” the official told reporters when asked about talks with Iran. “They’re aware of the terms.”

Ali Vaez, director of the Iran Project at the International Crisis Group, told Al Jazeera that the odds of Iran surrendering to the US’s demands are “near zero”.

Iran’s leaders believe “compromise under pressure doesn’t alleviate it but rather invites more”, Vaez said.

But while the US builds up its presence in the region, Iran has warned that it would retaliate if an attack is launched.

Iran’s Foreign Ministry spokesperson warned on Tuesday that the consequences of a strike on Iran could affect the region as a whole.

Esmaeil Baghaei told reporters, “Regional countries fully know that any security breach in the region will not affect Iran only. The lack of security is contagious.”