The billionaire wealth tax just got real for me.

A $60B data center sponsorship opportunity landed on my desk. The kind of platform that can change a career. The kind of “pinch me” moment founders and sponsors work a lifetime to earn. And then reality set in: California’s proposed billionaire wealth tax makes holding illiquid infrastructure equity while living in CA potentially untenable. Why? Because infrastructure wealth is not cash. A data center is concrete, steel, power infrastructure, covenants, and long-duration execution risk. You cannot sell off “a wing” of a 1GW campus to pay a tax bill. If the project does not distribute for years (common in megaprojects), the obligation becomes a forced financing event: dilute, lever up, or strip cash the moment it finally shows up. None of those outcomes are pro-growth.I am not posting this as politics. I am posting it as math and incentives. Capital moves. Sponsors move. Headquarters move. And the slow erosion is what people underestimate.Special thank you to Chris Hyland, who helped run the regression analysis on the financial consequences of this billionaire tax on me. I had a mental block until he helped me see the numbers in writing.If we want California to stay competitive in AI, power, and infrastructure, we have to get honest about what policies do to real-world project formation.#Infrastructure #DataCenters #California #CapitalMarkets #EconomicDevelopment #AI #ProjectFinance #TaxPolicyUntil tomorrow, be the best human you can be.~ Teresa Grobecker⁠Sign up for the daily newsletter on LinkedIn.⁠⁠GRO GROUP⁠ offering up to 100% financing for ground up developments, data centers and solar. Sign up for our investment banking ⁠training⁠ and join the team.Teresa Grobecker, MBA, CRPC, is an investment banker specializing in capital formation and structured finance, bonds and REITs, data centers, AI, solar, ground-up development and conversions, and is a global speaker on blockchain, stablecoins and payment rails with a focus on CRE and public policy.CA DRE 01908507 CEO and Broker of Record, ⁠Grobecker Holland International, Inc.,⁠ CA DRE 01976696GRO MONEY PODcast and the accompanying newsletter are provided for informational and educational purposes only and do not constitute financial, investment, legal, tax, or accounting advice. Nothing herein is an offer to sell or a solicitation of an offer to buy any security or to participate in any investment strategy. Reliance upon any information provided is at your sole discretion and risk. Views expressed are those of the authors as of the publication date and may change without notice. While sources are believed to be reliable, no representation or warranty is made as to accuracy, completeness, or timeliness, and no duty to update is assumed. Past performance is not indicative of future results. Receipt of this content does not create a client, advisory, fiduciary, or brokerage relationship. You should consult your own licensed financial, legal, and tax advisers regarding your specific circumstances. Grobecker Holland International, its affiliates (including GRO GROUP), and their principals may hold positions or have business relationships related to companies or assets discussed.