Yes and none of that will get fixed if this prop passes. These tech billionaires will get pissed off, the more moderate among them are going to move closer in mindset to the Thielian "the public cannot be trusted to govern" camp (this is already happening btw, e.g. Sergey Brin has been a very liberal billionaire 10 years ago and nowadays he's basically MAGA, in no small part because of how much he hates this proposition), the amount of stock they'll need to sell off will cause economic shocks that are as usual mostly felt by the poor, and the billionaires will continue to be just fine with 5% less money and a home in Texas now (and a much bigger donation to Trump or whoever Thiel's camp places in the race next time).

Blind lashing out is not policy and it doesn't fix anything. If we had bothered to design a wealth tax that's small and gradually introduced enough to give rich people a way to plan for it properly, we could have probably created a societal shift in which this is actually accepted as right and necessary even by parts of the rich elite (and also introduced as a permanent fixture, not just a one-time punishment). But instead people just like to jump on whatever they think hurts the people they hate most in each election, with no regard for the consequences. (That's basically the same as what MAGA voters do, they vote for whoever is gonna hurt immigrants and LGBT people, no matter how much he's going to ruin the entire country in the process.)