Stephen Ross Sees California Billionaire Tax as Palm Beach’s Gain

Billionaire Stephen Ross aims to position Florida’s Palm Beach County as the next Silicon Valley, calling the region a more business-friendly environment for tech investors and executives than California.

A proposed tax on billionaires in California has led to fear among investors and shows the difficulty of doing business in the state, Ross said in an interview with Bloomberg News in Palm Beach Wednesday. He sees that as an advantage as he tries to build South Florida into a tech and finance hub.