The executives' discontent stems from Khanna's public defense of a one-time wealth tax proposal in California, which they fear could drive wealthy individuals and companies out of the state. The sources, who requested anonymity to discuss private conversations, indicated that the effort is still in its early stages and faces significant hurdles.

Khanna, who has cultivated a reputation for balancing tech industry interests with progressive ideals, won re-election easily in 2024 and currently holds nearly $15 million in campaign funds. This substantial financial advantage presents a formidable challenge to any potential challenger, even one backed by wealthy tech donors.

The proposed wealth tax, designed to address income inequality and fund public services, has sparked debate about its potential impact on California's economy. Proponents argue that it would generate much-needed revenue, while opponents contend that it could incentivize wealthy residents and businesses to relocate to states with lower tax burdens. The specific details of the proposed tax, including the threshold for taxation and the tax rate, have not been finalized, but the concept has already triggered significant pushback from some of the state's wealthiest individuals.

Khanna's support for the wealth tax aligns with his broader progressive platform, which includes advocating for policies aimed at reducing income inequality and promoting social justice. His ability to maintain support from both the tech industry and progressive voters has been a key to his political success in Silicon Valley. However, this latest development suggests that his balancing act may be becoming increasingly difficult.

While the effort to unseat Khanna is considered a long shot, it highlights the growing tension between some tech executives and progressive politicians over issues of taxation and economic policy. The outcome of this conflict could have significant implications for the future of California's political landscape and its relationship with the tech industry. It remains to be seen whether the executives will be able to mount a credible challenge to Khanna, and whether their efforts will ultimately influence his stance on the wealth tax and other related issues.