A peculiar event unfolded in San Francisco this past Saturday: a “March for Billionaires.” The demonstration, initially dismissed by many as satire, drew a small group of supporters to Pacific Heights, the city’s “Billionaire’s Row,” alongside a larger contingent of counterprotesters and a significant media presence.
The march was the brainchild of Derik Kauffman, a 26-year-old founder of an AI startup. Kauffman, who described himself as a staunch believer in standing up for his convictions, organized the event to oppose a proposed wealth tax on billionaires in California, and to challenge what he perceives as the vilification of the wealthy. He told a reporter he wasn’t against social welfare, and acknowledged the existence of tax loopholes exploited by the ultra-rich, but maintained a fundamental belief in the positive contributions of billionaires.
The march’s website, which celebrated figures like Jeff Bezos and Taylor Swift, urged people to “judge individuals, not classes.” Initial reactions to the idea were skeptical, with many assuming it was a performance art piece or a political stunt. Some even speculated about the involvement of Sacha Baron Cohen or union activists. However, Kauffman’s sincerity proved difficult to dismiss.
On Saturday, approximately 18 pro-billionaire demonstrators gathered, carrying signs with slogans like “Tip Your Landlord” and “Property Rights Are Human Rights.” They were met by at least 15 counterprotesters, many of whom were engaged in a parody of supporting billionaires. Some wore formal attire and carried signs like “Trillionaires for Trump,” while others offered pulled-pork sandwiches labeled “Musk à la Guillotine” and chanted slogans critical of the wealthy.
The proposed “billionaire tax” in California is a one-time levy intended to address cuts to the state’s health-care budget. Concerns about the tax were amplified by reports that Google co-founders Sergey Brin and Larry Page were considering leaving the state. Kauffman argued that such a tax could stifle entrepreneurship, a sentiment echoed by a number of wealthy and influential figures in California, including Governor Gavin Newsom and venture capitalist Peter Thiel.
Demonstrators at the march expressed a range of views. One participant, Pablo, stated that billionaires are “often vilified” and “probably among the worst off in the whole world” in terms of public perception. Another, Flo, suggested that anti-billionaire sentiment was growing on the left and needed to be resisted. Most of the pro-billionaire marchers, with the exception of Kauffman, declined to provide their last names.
Recent polling data indicates a widespread negative perception of billionaires. A Harris Poll survey found that nearly three-quarters of Americans believe billionaires are too celebrated, and more than half view them as a threat to democracy. The timing of the march coincided with the release of new documents related to Jeffrey Epstein, which included the names of several billionaires, further fueling public scrutiny.
The march highlighted the stark economic disparities in the United States and particularly in Silicon Valley. The top 0.1 percent of Americans control 14.4 percent of the nation’s wealth, while the bottom 50 percent control less than half that amount. In Silicon Valley, nine households control 15 percent of the region’s wealth, and the top 0.1 percent control 71 percent. Despite these disparities, the same Harris Poll found that 60 percent of Americans aspire to become billionaires themselves.
Kauffman and other pro-billionaire demonstrators consistently argued that billionaires are the engine of the U.S. Economy, and that their success benefits everyone. They pointed to the convenience of services like Amazon and the accessibility of information through Google as evidence of this positive impact. However, this perspective often overlooked the broader consequences of wealth inequality, such as low wages, the closure of small businesses, and the exploitation of tax loopholes.
The dynamic between the pro- and counterprotesters became increasingly complex as the march progressed. The two sides, representing opposing viewpoints on wealth and inequality, began to interact in unexpected ways. At one point, demonstrators and counterprotesters chanted “Poverty should not exist” in unison, albeit with differing interpretations of how to address the issue.
The event underscored the contradictions inherent in Silicon Valley, where tech companies simultaneously contribute to and attempt to solve societal problems. The marchers’ arguments often reflected a belief in the inherent goodness of technological innovation and the free market, while ignoring the potential for harm and exploitation. One Amazon delivery driver, observing the procession, expressed a desire for greater economic equality, stating, “Everybody has to get more money. Everybody, not only one person.”
