California voters reject measure to tax the wealth of billionaires

California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up.

The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion.

FRANCE 24's correspondent in Los Angeles Loic Pialat has more.