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How
The ads were nonstop and only showed the anti-wealth tax side. And there were 3 ballot initiatives that would poison any individual attempt to levy a new tax. They pulled out all the stops and there were at least 4 high profile billionaires behind it who don't normally put themselves in the spotlight. Two Google founders and the money behind the investors behind andreessen horowitz.
And there were a few likely involved but not named like Mark Zuckerberg and Tim Cook. The anti taxers also had the close connections with business leaders to create unusual endorsements like the Planned Parenthood partner and some Democrats. Gavin Newsome, the governor of the state and big figure in the liberal opposition to Trump, was very vocal.
The good news: this is the same state that was swindled out of gay marriage by a very duplicitous campaign and a few years later reversed hard with a constitutional right-to-marry legislation. California will be talking about this and ready when it comes up again.
I would like to believe that but we also approved prop 42 which prevents taxes on personal assets. So we would need to repeal that before being able to attempt this again.
The voting guides that I saw people posting on nextdoor (since I live in a conservative part of Cali) described prop 40 as "a tax on 'billionaires' and a tax on 'everyone'". Literally I saw people saying that they would believe anything that a billionaire tells them over a politician.
This is prop 22 (iirc it was 22) all over again. Back when Uber and lyft convinced Californians to exempt them from calling their drivers employees.