Illumination CEO Chris Meledandri has relocated from California to New York, with sources suggesting his move was prompted by concerns over a proposed billionaire tax. Meledandri, the executive behind animated franchises like "Despicable Me" and "Ice Age," is the latest in a series of high-profile figures to leave the state.
California's Proposition 40, which called for a one-time 5% tax on residents with a net worth exceeding $1 billion, was closely watched by the state's wealthiest individuals. As of early election results, the measure was trailing, with 55.6% voting against it and 44.4% in favor, with 60% of votes counted. However, insiders suggest that the mere proposal of such a tax has created an environment of uncertainty for wealthy Californians.
Meledandri, who co-founded Illumination after leaving 20th Century Fox Animation, holds an ownership stake in the company, which has produced major box office hits. His departure follows similar moves by other industry figures.
Director Steven Spielberg previously relocated from California to New York, with his representatives stating the move was to be closer to family. Google co-founder Sergey Brin also moved from California to the Lake Tahoe region of Nevada, reportedly becoming a significant donor to the campaign opposing Proposition 40. Other notable figures who have left California include Sylvester Stallone, Mark Wahlberg, and Dean Cain.