Page Six: 'Minions' Studio Chief Chris Meledandri Reportedly Left California 'to Escape the Billionaire Tax' as Prop 40 Trailed in Early Returns
Page Six Hollywood reports, citing one unnamed source, that the Illumination CEO moved to New York. It says Prop 40, the one-time 5 percent tax on billionaires, was behind 55.6 to 44.4 with 60 percent counted. His rep did not comment.
Illumination CEO Chris Meledandri has quietly left California, and one source says he did it "to escape the billionaire tax," Page Six Hollywood reports.
The ballot measure. Page Six says Proposition 40 would impose a one-time 5% tax on any resident with a net worth above $1 billion. At press time, with 60% of the votes counted, it was losing 55.6% to 44.4%, and Page Six called it too close to call. If it passes, California would be the first state to tax billionaires' net worth, the outlet says.
The report on Meledandri. Page Six says the executive behind "Despicable Me," "Minions" and "Ice Age" moved to New York, though he has also split time between the company's U.S. and Paris studios. It cites "one knowledgeable source" for the tax motive. A rep did not answer its request for comment.
Others who left. Page Six says Steven Spielberg moved to New York in December to avoid a large possible state tax bill, though his reps said it was to be closer to family. It says Google co-founder Sergey Brin moved to the Lake Tahoe area of Nevada and became the largest donor against Prop 40, and would have owed $11 billion if it passes and he had stayed. It adds that others are weighing Florida, Texas and Tennessee, whether or not the measure passes.
The left's read. Page Six quotes one DSA-aligned industry figure who expects Prop 40 to lose and called the night's other results "a good set of results" for the left. The outlet says Nithya Raman was narrowly leading Mayor Karen Bass in the Los Angeles race.
Related. Our earlier reports covered the economists' open letter on the tax and Don Hankey's decision to leave.
What we could not check. The tax motive rests on a single unnamed source, and we have no confirmation from Meledandri or Illumination. The vote counts are from the early morning and the race may have moved. Page Six's own wording is that Prop 40 is "too close to call" while also saying it trails by about 11 points.