Calif. loses mind-boggling $1 trillion in wealth in past month alone over fears of ‘Billionaire Tax’: wealth guru

California lost a mind-boggling nearly $1 trillion in wealth in the past month alone thanks to fears over its proposed “Billionaire Tax,’’ according to one of the state’s wealthiest residents.

The under-fire measure, which even lefty Gov. Gavin Newsom opposes, would slap a onetime 5% tax on residents worth more than $1 billion as of Jan. 1, 2026.

“Collectively, the amount of Billionaire wealth that has left California in the last month (!) is now in excess of $700B,” fumed venture capitalist and former Facebook exec Chamath Palihapitiya on X on Friday.

“That means the $2T of California wealth they expected to tax is now down to $1.3T and falling quickly.

“I would not be surprised if 2026 ended with less than $1T of billionaire wealth in California and decades and hundreds of lawsuits,’’ Palihapitiya said of the whopping sum — which is enough to buy the entire NFL several times over and fund NASA at its current annual level for 40 years.

“A complete and total unforced error. Where was the Governor? Where are our leaders??” he raged.

The mere fear of the possibility of the measure — which could go to the polls in November 2026, making its potential start date retroactive — has reportedly left a slew of California’s roughly 215 billionaires to scoop up homes in states such as Florida and Tennessee and relocate at least some of their company offices out of state, too.

For example, while California had previously been the promised land for tech titans, more than 45 LLCs in the state tied to Google co-founder Larry Page have recently filed to go inactive or relocate out of state — as a trust linked to him snapped up a $71.9 million mansion in Miami’s Coconut Grove.

Last  month, an entity linked to his Google partner Sergey Brin also either dissolved or relocated 15 California LLCs overseeing his business interests and investments to Reno, Nev.

In-N-Out heiress Lynsi Snyder meanwhile relocated to Tennessee and established a second corporate office there.

Palihapitiya said he himself is giving “serious consideration” to relocating to Texas — as some financial experts have warned the exodus may only be getting started.

“If they don’t kill this ballot initiative and entice those folks to come back, the California budget will be massively upside down,’’ the ex-Facebook big wrote.

“Only place to get the money is to cut waste, fraud, and abuse or increase taxes on the middle class. The latter is much simpler than the former.”

But the SEIU-United Healthcare Workers West labor union, which is leading the push for the 2026 Billionaire Tax Act, said the money would help restore health-care funds lost to federal cuts and support public schools in California.

Suzanne Jimenez, a chief of staff for SEIU-UHW, described the billionaires’ tax as “literally a dollar-for-dollar solution” to federal cuts to the healthcare system.

Jimenez claimed that the one-time 5% wealth tax is a “very minor tax.

“They’d still be paying less than what they were paying under President Reagan,’’ the union official contended of state billionaires.

But Even Gov. Newsom, whose policies have been  traditionally liberal and support labor, is vehemently opposed to the tax, his camp said.

“The Governor has consistently opposed state-level wealth taxes — recognizing that if implemented at a state-only level they drive a race to the bottom — including this proposal,’’ rep Izzy Gardon told The Post on Monday.

A new poll obtained exclusively by The Post on Monday shows the majority of California residents support Newsom’s stance.

The survey conducted by David Binder Research  found that previous support for the measure has collapsed to just 41% of voters, while those opposed surged to 53% — after respondents heard arguments from both sides, the pollsters said.

– Additional reporting by Annie Gaus and Josh Koehn