Gautam Mukunda, Columnist

Silicon Valley's Social License Is In Jeopardy

January 27, 2026 at 10:30 AM UTC

Gautam Mukunda writes about corporate management and innovation. He teaches leadership at the Yale School of Management and is the author of "Indispensable: When Leaders Really Matter."

Microsoft CEO Satya Nadella gets it.
Photographer: Fabrice Coffrini/AFP via Getty Images

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Two stories last week, on opposite sides of the Atlantic, point to the same uncomfortable truth: Silicon Valley is running headlong into a legitimacy crisis of its own making.

The first is a proposed California ballot measure that would levy a one-time, 5% tax on the net worth of those who were billionaires living in the state on Jan. 1, 2026. It would be due in 2027, with an option to spread payments over five years.