This post was updated Nov. 9 at 8:13 p.m.

California voters rejected a proposed tax on billionaires, the Associated Press announced Monday.

“No” received 52.8% of the votes cast for Proposition 40 as of Monday evening, according to the AP. The measure would have imposed a one-time, 5% tax on the total net worth of all billionaires living in California – up to an estimated 250 people – as of Jan. 1, 2026.

[Related: Here’s what students need to know about Proposition 40’s one-time billionaire tax]

Voters also rejected Proposition 41 – a measure that would have required the state’s auditor to examine new special tax proposals before they appear on the ballot – which earned 54.8% of the “no” vote, according to the AP. 

Proposition 42 – which would bar retroactive taxes and new taxes on certain types of personal property such as retirement accounts and art collections – was not called in time for publication. The measure garnered 51.6% of the “yes” vote as of Monday evening, per the AP. 

If either Propositions 41 or 42 had garnered more votes than Proposition 40, they would have nullified the billionaire tax. 

[Related: Petitioners push billionaire tax, other initiatives for California ballot]

The billionaire tax was projected to generate about $100 billion in revenue for California, according to CalMatters. 

The state would have used most of the revenue to compensate for federal funding cuts from President Donald Trump’s 2025 One Big Beautiful Bill Act – which cut $30 billion annually from Medi-Cal – and would have allocated about 10% of the remaining funds for education and food assistance programs. 

California’s controversial proposed billionaire tax drew nearly $200 million in election spending, according to CalMatters.