# California just voted to give two billionaires $4 billion in taxpayer money so they can do obscure research

- URL: https://talkfuse.com/story/california-just-voted-to-give-two-billionaires-4-billion-in-taxpayer-money-so-they-can-do-obscure-research/
- Published: 2026-11-10T20:58:47+00:00
- Updated: 2026-11-10T21:23:41+00:00
- Original publisher: New York Post (publisher lean: Right)
- Original article: https://nypost.com/2026/11/10/us-news/california-voted-to-give-two-billionaires-4b-so-they-can-do-obscure-research/
- Topics: Elections, Politics, World

## Key points

- California approved $8.4 billion in medical research bonds.
- Half the funding is earmarked for one UCLA-affiliated institute.
- The state is expected to repay the bonds over 20 years.

## Summary

California voters have approved Proposition 38, authorising $8.4 billion in bonds for medical research. More than 54% supported it, with 83% of votes counted, according to the article. The measure matters because half the funding is earmarked for one immunology institute co-founded by two billionaires, prompting criticism over public accountability and whether taxpayers are effectively backing a private project.

The California Institute of Immunology and Immunotherapy at UCLA is due to receive half the money; the rest will be awarded competitively to public and non-profit research organisations. Gary Michelson, a co-founder and the measure’s main backer, contributed more than $65 million to its campaign. Legislative analysis estimates bond repayments of $500 million to $600 million a year for 20 years. Medicines developed with the funding must be sold to Californians at a 20% discount, and 10% of revenue must go to the state.

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Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.