The New Zealand government has secured an additional nine days of diesel supply as it prepares for supply chain disruption from a prolonged war in the Middle East.
The Government has signed a letter of intent with Z Energy to procure 90 million liters of NZ-specification fuel.
"This is a practical, forward-looking step that will help ensure New Zealand has more resilience at a time of global fuel market uncertainty," Finance Minister Nicola Willis said Tuesday in a statement. "It strengthens both our fuel and economic buffers and reduces the potential impacts of international supply disruptions from the ongoing conflict in the Middle East."
Willis said on top of the 21 days of diesel already in storage in the country, the additional fuel adds around 50% to the nation's reserve buffer.
In a treehouse nestled in redwoods north of San Francisco, California Governor Gavin Newsom stood cold and hungry as Sergey Brin, the world's fourth-richest man, and his wellness-influencer girlfriend told him they were leaving the state.
It was late in the evening at a Christmas party hosted by crypto titan Chris Larsen -- featuring singer Janelle Monáe and a towering abominable snowman with glowing red eyes -- when Brin and his partner, Gerelyn Gilbert-Soto, confronted Newsom about a new proposal to tax billionaires in California, according to people who've spoken with the governor. Such a levy could hit Brin's stake in Alphabet Inc. and his $272.6 billion fortune.
Newsom, who opposes the wealth tax, was still telling people about the lengthy exchange at the party months later, complaining of a lingering cold the pair had given him, according to the people, who asked not to be named discussing private conversations with the governor.
Brin, meanwhile, followed through. He left the state, bought a lakeside mansion in Nevada, and started bankrolling a billionaire political uprising in California.
Newsom through a spokesperson declined to comment on the interaction. "The governor has been very clear with everyone, no matter who they are, that this effort will do serious damage to the state, including for public safety workers and schools, at the expense of one special interest group," Izzy Gardon, a spokesperson, said.
A representative for Brin didn't respond to requests for comment.
Brin's political push reflects a broader awakening among California's ultrawealthy. Over the past six months, the proposed billionaire tax and a heated governor's race have drawn tech titans and business leaders more directly into the state's affairs -- a space many of them have traditionally kept at arm's length.
Prior to this year, Brin's last contribution in a California election cycle was 2010 when Arnold Schwarzenegger was governor and the Google co-founder largely backed climate causes. He's now spent more than $58 million in the last four months, including an extra $9 million disclosed late Friday, but more importantly has helped mobilize a network of fellow tech titans in a push to sway state issues.
"The wealth tax was a wake up call, it was a fire that just lit up Silicon Valley literally in a matter of weeks," said Steven Maviglio, a veteran Democratic strategist. "I've never seen anything like it."
Altogether, ultrawealthy donors have injected more than $270 million into California's political scene in this election cycle. Outside of the wealth tax, billionaire Tom Steyer is emerging as a top Democratic candidate for governor after the downfall of former Representative Eric Swalwell following allegations of sexual assault. Steyer, a former hedge fund manager, has spent more than $140 million in his election bid, crowding TV airwaves with ads and labeling himself a "class traitor" with a campaign modeled after Vermont Senator Bernie Sanders.
Ballots for the June 2 primary election start going out next week. Brin and a cohort of the ultrawealthy including Coinbase CEO Brian Armstrong and venture capitalists Vinod Khosla and John Doerr have plowed millions into supporting Matt Mahan, a Silicon Valley mayor, with a back-to-basics agenda and a penchant for taking on the state's Democratic establishment.
That money has helped Mahan buy airtime and attracted controversy, but his polling numbers remain stuck in the single digits while Steyer's well-funded progressive campaign is gaining favor with voters. Brin has also backed Republican Steve Hilton, who's currently leading polls.
"You have two polar opposites going on. You have a billionaire running who has actually fully adopted an agenda that the vast majority of voters agree with: Taxing billionaires, funding healthcare, fighting back against ICE," said Lorena Gonzalez, head of the state's largest union group, the California Federation of Labor Unions. "And then you have billionaires pushing a candidate whose talking points are apologetic to the tech industry."
The billionaire political activism in California mirrors larger shifts in Silicon Valley and the nation. President Donald Trump has given tech billionaires broad access to the White House, inviting Brin and other industry captains over for dinner and to join advisory boards.
Back in September, Trump singled out Gilbert-Soto as Brin’s “really wonderful MAGA girlfriend” at a White House dinner also attended by Mark Zuckerberg, Tim Cook and Sam Altman. She has publicly supported Republican Steve Hilton for California governor, a candidate Trump endorsed and Brin has also donated to.
In California, Brin’s newfound political action was catalyzed by the wealth tax proposal, which would levy a one-time 5% tax on billionaires to help offset federal healthcare cuts. In a Signal group chat earlier this year with other Silicon Valley elite, Brin floated the idea of raising hundreds of millions of dollars to influence California politics, according to a person who saw the message.
Brin left California for Nevada ahead of a Jan. 1 residency deadline for the proposed wealth tax. He moved to a $42 million mansion on the Nevada side of Lake Tahoe, featuring two glass-walled funiculars.
Shortly after leaving California, Brin contributed $20 million to a new group dedicated to fighting the tax while also pushing pro-business and housing affordability policies, Building a Better California, making him the single largest contributor. He added $37 million over the spring, as the group quickly started supporting a trio of anti-wealth tax measures that could nullify a billionaire tax if it gets passed in an election. One of the measures, the so-called Transparency Act, has enough signatures to qualify for the November ballot, its backers claimed on Monday.
Building a Better California "remains fixed on long-term reforms supported by most Californians: housing affordability, stable funding for education, infrastructure investments,and government accountability," a spokesperson said.
Joining Brin in the effort were other billionaires including former Google CEO Eric Schmidt; Stripe CEO Patrick Collison; venture capitalist Michael Moritz. Peter Thiel who also left California ahead of New Year's Day deadline gave $3 million separate committee opposing wealth tax.
"They don't trust California anymore," said David Lesperance,a tax attorney who specializes relocations and has helped move five families out state because wealth tax threat.
Brin and his fellow billionaires helped push up costs gather more than 870,000 signatures required qualify ballot measure. This forced union behind wealth tax,SEIU-UHW,to spend more on their efforts.
Now,the union says it has succeeded getting signatures needed which will likely force business leaders opposing into further spending.
"A very small group most controversial billionaires planet tried stop Californians being able save local emergency rooms hospitals -- but our current signature tally proves frontline healthcare workers will prevail bringing commonsense proposal voters," said Suzanne Jimenez,SEIU-UHW's chief of staff. "When our growing coalition files these signatures,DavidhavewonfirstroundagainstGoliath."
Other billionaires have bankrolled their own political initiatives including Larsen who set up his own network influence groups names like Grow California and Golden State Promise.
Many in Sacramento are skeptical that Brin and his fellow ultra-rich will succeed swaying California state politics. They point failed candidacy former eBay executive Meg Whitman spent around $144 million own fortune become governor; even venture capitalist Tim Draper’s longshot initiative split California six separate states.
"They're trying extrapolate own industry might have fabulously successful;they know something political advertising when don't," said Garry South,veteran Democratic strategist."They think,'Hey,I've got money I can throw around,'and they don't really do their homework."
Political consultants describe frustration some wealthy tech donors,often view political giving investment lens,promising big checks not following through they don't see momentum.That’s led questions whether California billionaire activism continue Mahan’s governor bid fails wealth tax passes.
Even Larsen,worth around $13 billion,has expressed anxiety not enough business leaders stepping politics."It's a lot talk,and they're happy,but we don't see firepower we need take SEIUs,"he said,referencing state's largest union.
Newsom,for his part,acknowledges many state's wealthiest residents willing donate significant sums money,but want do own terms not through tax.
"Some will never give penny away,"he said Bloomberg News event January,long after encounter Brin treehouse."Some respect.Some don't."