Does it actually mean anything other than a rich guy buying another home? Let's talk about it with CNBC's Wealth Editor, Robert Frank, Robert Frank, the hard hitting question is, does this mean anything other than another rich guy buying another home?

Well, it does mean something, Brian.

It's an important story, but maybe not for the reasons that Bill Ackman is talking about.

There are a lot of billionaires in California with their hair on fire right now calling this the end of California because of this tax, which let's break down the facts.

So this is a tax that would be a one-time tax of 5% on the total wealth of any billionaire in California.

Now, this has not gotten on the ballot yet.

So number one, you have to get the signatures to get on the ballot.

What do you do?

referencing?

Yeah, there we go.

So that's going to grow to 10,700.

Now, if you look at the dollars, actually, next to that, the dollars grow even further.

So- Right now, there's estimates that they manage somewhere, AUM for them is around $3 to $4 trillion, going to go to at least $5.

So I know people often say, well, they manage as much or will manage more than hedge funds.

Now, a lot of them invest in hedge funds, so that's like double counting.

millennials.