Prediction market odds for a proposed 5% one-time net-worth tax on California billionaires dropped from 88% to 35.5% in one week. The measure, backed by more than 1.5 million signatures from the SEIU-United Healthcare Workers West, targets roughly 200 residents holding $2 trillion in combined assets. Governor Gavin Newsom has reportedly moved to prevent the initiative from reaching the November ballot before the June 25 deadline.