if passed it would force Billionaires to sell stock to pay the tax and many would then lose their controlling share in the company which would be catastrophic.
Or, just hear me out, they could do what they always do when they need money and just take a loan with the stock as collateral, use the loan the pay the tax, keep the stock and pay off the loan without catastrophe as they already do? That's the entire point they never have to do things that count as income so their taxes are much lower than they should be.
Unfortunately it sounds like these people who can't afford it spent so much money trying to defeat it that it probably won't pass.
255 people are estimated to be impacted if it passes, but about a dozen of them apparently spent enough money to convince Californians that when they say billionaires they mean you not us