Silicon Valley’s social licence is in jeopardy

Two stories last week, on opposite sides of the Atlantic, point to the same uncomfortable truth: Silicon Valley is running headlong into a legitimacy crisis of its own making.

The first is

a proposed California ballot measure

that would levy a one-time 5 per cent tax on the net worth of those who were billionaires living in the state on Jan 1, 2026. It would be due in 2027, with an option to spread payments over five years.