San Francisco Billionaire Punches Back Against ‘Overpaid’ CEO Tax
Chris Larsen wants businesses to get tough when unions propose ‘stupid, job-killing’ ideas. He’s putting his money where his mouth is.
Chris Larsen, co-founder of Ripple Labs, in San Francisco.
Photographer: Bryan Banducci/BloombergChris Larsen didn’t start out rich. He was born in San Francisco, the son of an aircraft mechanic and a freelance illustrator. After starting a string of successful companies and amassing a $13 billion fortune, he’s become the face of a billionaires’ revolt.
In June, voters in San Francisco will decide whether to impose an eight-fold increase to a gross-receipts tax on any large company doing business in the city where the highest paid executive earns 100 times or more than their median employee. Fighting the union-backed proposal, along with a separate push for a California wealth tax, has thrust Larsen into a head-on clash with labor.