(KRON) — Apparently stung by efforts to bring a proposed “billionaire tax” to the ballot next fall, tech billionaires are reportedly plotting an effort to reshape California politics in their favor. That’s according to a report in Bloomberg that Silicon Valley billionaires are proposing a multi-million-dollar fund to ramp up a political machine to represent the uber rich and the tech elite.

The fund, according to Bloomberg, would give the tech billionaire class a means of countering the interests of labor unions, progressive groups and other groups that currently influence politics in the Golden State.

Organizers of the effort are reportedly seeking $100 million this year in the hopes of reaching between $500 million and $1 billion in the next few years, according to Bloomberg’s report, which cited people familiar with the matter.

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Backers of the effort include Greenoaks Capital founder Neil Mehta, Y Combinator CEO Garry Tan, and Palantir co-founder Joe Lonsdale, Bloomberg reports.

“A lot of people are supporting their effort from both political sides,” Lonsdale told Bloomberg in an email. “We all want to see a more level political playing field, where common-sense, moderate policy can win, with a focus on making California more affordable and pro-growth.”

The initiative is reportedly being called the California Renewal project and would involve creating an endowment-type fund that would act across election cycles by financing political contributions through its own investment returns.

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