Prominent venture capitalist Chamath Palihapitiya took a sarcastic jab at California’s new battery fee on Saturday, expressing skepticism about how the state will actually use the funds collected.
Palihapitiya’s Jibe
Palihapitiya reacted to a CalMatters report on California’s new battery fee that took effect January 1. He quoted the report with a sarcastic comment: “Of course…and I’m sure this money will go to a good cause…”
California’s New Battery Fee
Under the law, Californians now pay a 1.5% fee, capped at $15, when buying products with nonremovable batteries, including power tools, gaming consoles, and even greeting cards.
The fee, created by Senate Bill 1215 and signed into law in 2022, is intended to fund the safe collection and disposal of lithium-ion batteries, which can pose fire and explosion risks.
Palihapitiya’s Growing Criticism Of California
Palihapitiya has recently been outspoken in his criticism of California, especially over its proposed wealth tax.
His sarcastic remark about the battery fee seems to tie into his wider frustration with how the state handles taxes and manages its finances.
The venture capitalist had earlier warned that a wealth tax could drive ultra-wealthy residents out of the state and deepen the budget deficit.
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