Why did California's billionaire tax fail to surf the blue wave?

First reported by TechCrunch at Mon 11:18 PM · 5 outlets in all

1. Los Angeles Times(subscription required)1hWhy the blue wave didn't carry the billionaire taxYour morning catch-up: A blue wave that left the billionaire tax behind, Route 66 turns 100 and more big stories
2. Yahoo Finance27hCalifornia's billionaire tax fails, but other 'tax the rich' measures succeeded around the country
3. Yahoo News27hCalifornia's billionaire tax failed, but 'tax the rich' measures succeeded elsewhere
4. NPR28hWhy did California's billionaire tax fail to surf the blue wave?Two economists debate what California's vote on Prop 40 means for the wealth tax movement.
5. TechCrunch34hCalifornia’s proposed ‘billionaire tax’ fails to passCalifornia voters rejected Proposition 40, the one-time 5% tax on billionaires, the AP reported Monday. Tech leaders outspent backers roughly 10 to 1 to defeat it, and the founders and economists TechCrunch interviewed before the vote were split on whether it would have driven out wealthy residents or just trimmed their fortunes.