California’s proposed billionaire tax has prompted some of the state’s ultra-rich residents to decamp for other states—but tech entrepreneur Palmer Luckey is staying put. The 34-year-old cofounder of Oculus VR and defense technology firm Anduril opposes the measure, yet he still believes remaining in California is worth it.

“I think that this tax act, if you can call it a tax, is going to cause a lot of problems,” Luckey said during a press conference last week, as reported by TechCrunch. “It’s causing a lot of people to run who I don’t want to be running. It’s going to cause companies that I work with to leave the state, which is a problem for me.”

“As of right now, though, I’m not running. I am staying,” he continued. “I think California is something special. I want to fight for California.”

The Long Beach-raised entrepreneur has built all of his biggest career wins in the Golden State. He founded Oculus in Irvine, California, in 2012 and joined the billionaire ranks two years later, when Facebook acquired the virtual reality company in a deal estimated to be worth $2 billion. One of his newer ventures, defense tech firm Anduril, headquartered in Costa Mesa, California, was valued at $90 billion earlier this month following an employee tender offer.

Luckey is now worth around $5.9 billion, according to Forbes—but he is not fleeing his home state to protect his fortune. While he does not object to paying more in taxes, he takes issue with the bill’s sponsor, a union under United Healthcare Workers, wanting to leverage the money “for their uses,” and he questions how the measure would assess what is owed. Sponsors of Proposition 40 have said the funds will be used to improve California’s “health care, education, and food assistance.” He is also concerned that illiquid and unsold assets—holdings that cannot be readily converted into cash without a sale—would be grouped into his fortune, likening the approach to a “seizure of future wealth.”

“This has been a point of friction between me and some of my other billionaire friends,” he said. “They’ve said things like ‘Palmer, you have to have solidarity for us. You can’t enable these really bad policies. If you stay and if you don’t leave, it’s going to show them that there’s no consequences.’ I empathize with that argument, but it’s not one that I’m going to participate in right now because I still believe that we can fix things.”

Fortune reached out to Anduril for comment.

California’s Prop 40 has some billionaires fleeing the state

Notable business figures in California have been waging a war over Proposition 40: a one-time 5% tax on residents with assets over $1 billion. The state hopes the levy will increase temporary revenue by tens of billions of dollars spread over several years to fund health care and education—and California is home to the highest number of billionaires in the U.S.

The fate of Proposition 40 will be decided by voters on Tuesday during America’s midterm elections.

Some of California’s ultrarich have spent sizable fortunes trying to strike it down. Tech billionaires have raised more than $340 million and spent more than $1 million daily on the campaign to defeat Prop 40, according to The Guardian; Palantir cofounder Peter Thiel, former Google CEO Eric Schmidt, DoorDash leader Tony Xu, and Stripe chief executive Patrick Collison all put money toward the opposition campaign.

Before Prop 40’s January 1, 2026 residency cutoff, a slew of billionaires also left the state. Google cofounders Larry Page and Sergey Brin moved their business entities to Florida and Nevada, and former Uber CEO Travis Kalanick changed addresses to Austin. Others, including Thiel and Meta’s Mark Zuckerberg, had already relocated from California to more tax-friendly areas.

Jensen Huang is also choosing to stay: ‘I’m not afraid of paying taxes’

While Prop 40 has emboldened some to leave, there is a vocal cohort of billionaires, Luckey among them, choosing to stay—a public split among the state’s billionaires heading into the vote.

Jensen Huang, the world’s ninth-richest person with a net worth of about $180 billion, recently said that “the more you make, the more taxes you pay. And I’m okay with that.” The leader of the world’s largest chip company reasoned that he embodies the “American Dream,” and that his success would not have been possible without the opportunities the U.S. afforded him—the chance to pursue a high-level education, build a company, chase his dreams, and meet the people who “made Nvidia possible.”

“The fact that I can afford to pay $8 billion in taxes over five years is a privilege,” Huang told CBS Sunday Morning last month, as Fortune previously reported. “I’m not afraid of paying taxes. I’m just afraid of being poor.”

For now, California’s billionaires remain split between staying and going, and Tuesday’s vote will determine whether the measure at the center of that divide becomes law.

This story was originally featured on Fortune.com.