California’s governor has become the subject of widespread ridicule after introducing a new compulsory personal finance course for high school students, with critics suggesting he might benefit from attending it himself.

Gavin Newsom announced that starting in the 2027-2028 academic year, high school students throughout the state will be required to complete a class that covers money management, debt avoidance, and wealth accumulation.

However, the proposal quickly faced backlash online, spearheaded by a billionaire investor who criticized the state’s financial management.

Chamath Palihapitiya, a prominent venture capitalist from Silicon Valley and former Facebook executive, retorted, “You should take the class. The state’s finances are a dumpster fire.”

The comment quickly gained traction, highlighting ongoing concerns about California’s financial instability.

Newsom had positioned the initiative as a significant advantage for the state, stating on X, “Every Californian should leave high school equipped with the skills to manage money, avoid debt, and build wealth.”

He also linked the rollout to a broader push to expand women’s access to financial education, saying the state is trying to ‘break through historic barriers’ in the economy. 

Other critics weighed in. Right-wing YouTuber and influencer Nick Shirley, 23, retorted: ‘Will you and the rest of your staff be taking this as well?’

Governor Gavin Newsom shared that, starting in the 2027-2028 school year, California will offer a new personal finance course to high schoolers and require it for graduation

Canadian-American billionaire, entrepreneur, and venture capitalist Chamath Palihapitiya mocked Newsom on X

Ross Patterson, host of podcasts Drinkin’ Bros and the Ross Patterson Revolution, also took aim at the governor: ‘Take this course bro. You’re terrible at all of this.’

Newsom, who has famously taken to X to mock President Donald Trump in recent months, has not responded to his critics online.

The backlash reflects a deeper frustration with California’s finances – which, while officially balanced, are under growing strain.

The state is grappling with what economists call a ‘structural deficit’ – where long-term spending commitments are rising faster than revenues. 

That’s largely because California relies heavily on income taxes from high earners, making its finances especially vulnerable to market swings and downturns.

In the long run, the state will likely need spending cuts, delayed programs, or higher taxes to stay balanced.   

Palihapitiya, 49, who lives in Palo Alto and runs Social Capital, has been a frequent critic of Newsom in recent times. 

But from 2000 to 2019, Palihapitiya had supported the Democrats, and donated $1.3 million to party candidates and causes. 

Chamath Palihapitiya (pictured with his wife Nathalie) currently resides in Palo Alto and operates Social Capital in Silicon Valley

However, in 2020 his political contributions shifted toward Republican party candidates, including donations to Vivek Ramaswamy and a $12 million Trump fundraiser in 2024.

In January, Palihapitiya slammed Newsom once again, this time over his wealth tax, complaining that a very small group of people (the top 1 percent) already pays more in total taxes than 33 percent of the population. 

He has slammed Newsom on multiple occasions, including in 2021, when Palihapitiya said the governor ‘has done a terrible job’. 

He cited high crime rates, high taxes, poor air quality, and residents leaving the state.