Billionaire Tax Refugees Flock to Ritzy Nevada Lake Town
The Information
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Generative AI
Naveen Rao, a longtime California resident, ascended to a rarefied tier of wealth last year when his startup, Unconventional AI, was valued at $4.5B. The company is based in Palo Alto, but with the specter of a new tax on billionaires looming over the state, Rao began considering other places to live. Last month, he found one: a $20M mansion in Incline Village, a charming mountain town on the Nevada side of Lake Tahoe that has recently seen a fresh influx of the ultrawealthy.