Why Silicon Valley billionaires are investing in floating cities?

It's common knowledge that billionaires purchase distant homes and nuclear shelters in the event of a collapse, but some have their sights set on making the ocean their new home.

Affluent investors, such as Peter Thiel of Silicon Valley, have planned to establish "floating cities," which will be immune to international law and perhaps protected from natural calamities that would otherwise overwhelm land-dwelling populations, according to Daily Mail.

The Seasteading Institute has been studying the concept of permanent floating communities living in international water without restrictions for 15 years, first supported by an investment from Thiel.

The 733 square-foot "Seapod" floating residence was unveiled in 2022 by Ocean Builders, a business supported by Bitcoin dealer Chad Elwartowski. The structure is perched on a pole seven feet above the ocean.

However, the first Ocean Pod fell during its September 2022 unveiling; its creators attributed a "bilge pump malfunction".

In 2019, Elwartowski and his spouse, Nadia Thepdet, built a floating fibreglass house off the coast of Thailand.

But, after posting videos of themselves sipping champagne on the seastead, the pair was compelled to leave before a police raid.

The Thai government said that the couple's activities undermined the nation's "independence," and they might potentially face the death penalty.

Joe Quirk, President of the Institute, said in a YouTube video this year, "The technology for floating startup governments is at hand and we're eager to make it happen as soon as possible."