President Trump’s tech czar claimed that California’s proposed wealth tax is nothing less than theft.

“This is not a tax — this is asset seizure,” billionaire David Sacks, who left California for Texas after 30 years, told CNBC’s “Squawk Box” from the World Economic Forum in Davos, Switzerland, on Wednesday. “It’s not a one time, it’s a first time.”

He added that there’s “never been anything like this before in American history.”

The so-called “billionaire tax, which is expected to be on the ballot later this year, would levy a one-time flat 5% tax on the net worth of individuals with more than $1 billion in assets — including businesses, securities, art, collectibles and intellectual property — if enough signatures are collected and voters approve the measure.

Sacks said it would not just be a one-time tax, but the beginning of a fundamentally different America.

“People are trying to minimize it by saying it’s a one-time,” he said. “If they get away with it, there’ll be a second time or a third time,.”

The entrepreneur said the bill is a violation of property rights.

“Whenever a state or a majority decides, ‘Hey, we don’t like somebody, or we don’t like a group of people, we’re just gonna take their stuff’ — that’s a violation of property rights,” he said.

David Sacks said he could not understand why the state of California “needs so much money.”

“It’s got a $350 billion budget. The budget has doubled over the last decade, 2.5 times the rate of inflation,” he said.

Sacks called for an audit, saying Newsom has vetoed previous audits that could have exposed fraud. “You have an obligation to taxpayers to make sure their money is being well spent. We all know the fraud is there. Root that out first before you go back to taxpayers for more and drive job creators out of the state,” he added.

This is not the first time Sacks has voiced his opposition to the controversial billionaire tax. Billionaires within Trump’s orbit have also expressed concern. The venture capitalist and White House adviser to X earlier this year to vent his frustration: “After blindly funding the Left for years, Silicon Valley is finally realizing what time it is. Dinner time. And they’re on the menu,” he wrote.

Sacks is not alone.

Many billionaires are leaving California. Google co-founder Larry Page may have already moved out of the state, according to Business Insider. Other high-profile departures include Peter Thiel, the PayPal cofounder and venture capitalist, and Larry Ellison, Oracle’s cofounder and executive chairman, who recently acquired Paramount.

Even California Gov. Gavin Newsom has pushed back on the plan, saying the state must remain competitive. “We’re in a competitive environment,” Newsom said recently. “You’ve got to be pragmatic about it.”