According to preliminary data, 55.6% of voters in California voted against Proposition 40, which would impose a one-time 5% tax on the assets of 250 local billionaires, Reuters reports. Opponents of the bill, including Google co-founder Sergey Brin and 11 other billionaires, donated $269 million to a political committee that collectively gave more than $300 million to the campaign to block the new fee.

According to preliminary data, 55.6% of voters in California voted against Proposition 40, which would impose a one-time 5% tax on the assets of 250 local billionaires, Reuters reports. Opponents of the bill, including Google co-founder Sergey Brin and 11 other billionaires, donated $269 million to a political committee that collectively gave more than $300 million to the campaign to block the new fee.