Here's how the proposal might play out.
The proposal for the new state headed off to Washington - but Congress never put it to a vote because it got too busy with the Civil War.
Northern California would include cities between the Bay Area and the OR border. Southern California would include 12 counties, including areas as north as Madera and Fresno counties, Bakersfield, Riverside and San Diego.
State lawmakers, individual counties and imaginative wealthy people such as Draper have tried more than 200 times to hatch plans to either slice the state into pieces or secede from the union entirely, according to the Los Angeles Times.
Would it require approval by other government bodies?
The proposal aims to invoke Article IV, Section 3 of the U.S. Constitution, the provision guiding how an existing state can be divided into new states. "All Californians deserve more from their state, and with Cal 3, more regional responsiveness and more meaningful results will create a promising future for everyone". The measure became eligible for the general election almost two months after Cal 3, the group behind the initiative, said it turned in more than 600,000 signatures to the Secretary of State. Legislators in Sacramento would have to agree to dismantle the current government and the U.S. Congress would have to agree.
The measure, like every other initiative eligible for the ballot, comes with a short summary of its estimated fiscal impact.
President Donald Trump would then be required to sign that legislation.
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"When you get together and you start something fresh, you have a new way to look at it and create better things" he added.
In 1993, Stan Statham, a Republican state assemblyman, proposed splitting the state into three parts, promoting a smaller-is-better agenda when it came to governing.
Draper was an early investor in Skype, Hotmail and Tesla, and he is a major advocate of bitcoin.
When a person or group backing a measure says it has enough signatures to qualify for the ballot, those signatures are turned over for verification.
How much money will he spend to pass it?
"At our most recent convention, our delegates overwhelmingly accepted the recommendation of our Initiatives Committee to oppose this measure", said California GOP spokesman Matthew Fleming.
A breakup would be complex, as the state's businesses and universities - even its water system - are interconnected and dependent on one another.