A new report from California Common Good, a coalition of labor, community and environmental groups, details “an explosion” of political spending by the state’s billionaires. Donations during this election cycle increased by a staggering 147% when compared to the 2023-24 period.

The findings were announced last Thursday at a press conference in front of billionaire Chris Larsen’s Russian Hill mansion. Many of the gathered were representatives from local labor unions of which Larsen is an avowed foe. “We’ve got to start fighting on par with the unions when they propose these absolutely stupid propositions like this crazy CEO tax,” Larsen said at a recent gathering of local business executives.

Together, four people — Larsen and fellow billionaires Sergey Brin, Marc Andreessen and Ben Horowitz— have poured $331 million into the coffers of favored candidates as well as in political action committees to oppose the Billionaire Tax Act on the November 2026 ballot. The tax, proposed by the state’s leading healthcare union, is a one-time levy of 5%, intended to fund public hospitals and other vital services. The measure has mobilized California’s billionaires who have voiced their determination to avoid contributing to the general welfare of the people of California.

Some, like Brin, are newcomers to politics. As if making up for lost time, the Google cofounder has given $86 million in the last year to various PACs focused on state elections. It makes him one of the top five political contributors in the country. Google boosted its corporate giving in the state to $8.7 million during the last year, a 3000% increase from the 2023-2024 election cycle.

Cryptocurrency chief Larsen is the second largest contributor to statewide elections behind only Brin. Larsen has spent more than $25 million in the current election cycle. Combined with contributions from Ripple Labs, the crypto company that Larsen chairs, his overall contributions total $92.9 million, a 79% increase from that of the 2023-2024 election cycle.

Larsen’s individual giving for local, state, and federal elections was even greater — from $2.9 million in the 2023-24 cycle to $36 million the current one. Larsen and Ripple have a history of donating large sums to political campaigns in San Francisco, California and national elections. Although he personally donated to Vice President Kamala Harris’s 2024 presidential campaign, giving her $120 million through his Climate Change Foundation, Larsen’s company Ripple was the second largest donor to President Donald Trump’s inauguration. Ripple gave Trump $4.9 million in digital tokens to defray the costs of the gala. 

Shortly after the contribution, Ripple settled a Securities and Exchange Commission lawsuit for $125 million, a fraction of the $2 billion sought by the SEC. Ripple has been a leading contributor to Fairshake, the crypto PAC, contributing $48 million to back candidates friendly to the nascent industry and oppose those who call for regulation. Fairshake has raised $109 million since the November 2024 election, making it the largest PAC in the country. Shortly after taking office, Trump appointed Larsen ally, billionaire tech investor David Sacks as the White House’s first artificial intelligence and crypto czar.

Larsen’s recent contributions to San Francisco campaigns have proved no less fortuitous. He has invested $2.9 million in city elections, successfully defeating Proposition D, the so-called Overpaid CEO Tax, in the June 2026 election. The measure would have increased taxes on companies with chief executives that make 100 times more than their median workers. It was created to generate between $200 million and $300 million in revenue to overcome a budget shortfall created by Trump’s tax cuts. Larsen led the opposition, contributing $700,000 directly, and $500,000 to Astroturf Network group, Neighbors for a Better San Francisco, which gave $700,000. 

As he demonstrated in national politics, Larsen has proven nimble on the local scene. Although he supported former Mayor London Breed in the November 2024 election, he has successfully become close to Breed’s  successor, Daniel Lurie. He is the second largest spender in San Francisco elections, having poured $7 million into San Francisco campaign coffers since 2020. The top contributor is none other than Lurie with most of his spending going into his own election. 

An outspoken supporter of “law-and-order” initiatives like online surveillance, last year Larsen donated nearly $10 million toward the San Francisco Police Department’s Real-Time Investigation Center. The RTIC, as it’s known, collects data using drones and surveillance cameras, and gathers that information into a database where it can be analyzed. The operation has become controversial as footage has been accidentally leaked online and illegally accessed by federal agencies. 

According to the terms of the deal, the SFPD will be allowed to purchase the latest in crime-fighting gear without a competitive bid process. For a small fraction of his fortune, Larsen has essentially created a quasi-governmental department. Since then, he’s promised another $3 million, a proposal that requires the approval of the Board of Supervisors.

If that hasn’t endeared him to the mayor, Larsen’s $2 million contribution to Lurie’s “Clean Up City Hall” initiative planned for the November 2026 ballot should have solidified their budding relationship. The measure proposes to grant greater authority to San Francisco’s already powerful chief executive as he pursues his policies of shifting wealth upward in San Francisco.

Last week’s demonstration at the Larsen tony abode is not the first time he’s been targeted by protestors. He can expect many more such protests from San Franciscans who have grown weary of those unwilling to pay their fair share.