California voters have rejected a first-in-the-nation tax on the net worth of billionaires following a contentious ballot fight that generated huge spending by some prominent tech leaders eager to stop their taxes from going up. The measure would have imposed a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. FRANCE 24’s correspondent in Los Angeles Loic Pialat has more.
Investors are ditching tech stocks for ones they believe can shield them from a market downturn as fears over the end of the AI bull market continue to grow. So-called defensive sectors, which include consumer foosa, healthcare and utilities, have
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