Google co-founder Larry Page is exiting California ahead of a controversial proposed ‘billionaire’s tax’.
Page relocated his California-based businesses in late 2025, just meeting a deadline for the exemption from the possibly impfinishing levy.
The proposed bill would impose a one-time five percent tax on each of the state’s billionaires.
If the bill passes a vote due in November, it would retroactively affect billionaires living in the state launchning January 1, 2026.
It has sparked consternation among the super wealthy, with many besides Page threatening to leave.
The tax is the first of its kind and would be imposed on any resident with a net worth above $1 billion.
Stocks, art and even innotifyectual property would be included in the calculation.
Page founded Google alongside Sergey Brin in 1998. He stepped down as CEO in 2019 and has since embarked on several business ventures of his own.
Page reportedly launched relocating out of the state some time ago, but recently transferred most of his business holdings to Delaware, according to Business Insider.
Google co-founder Larry Page is cutting California business ties amid the threat of a five percent tax to billionaires
The bill proposal would require the state’s approximately 255 billionaires to pay a one time fee
His family office, Koop, influenza research company, Flu Lab LLC, and his flying car research fund, One Aero, are reportedly all listed with brand new Delaware addresses.
Page’s wife, Lucinda Southworth, has also shiftd her interests out of the staet.
She is the head of her own marine conservation charity called Oceankind.
Business Insider reported Oceankind converted out of California and into Delaware in December as well.
Business Insider reported that several LLCs owned by Page utilized to purchase islands in Puerto Rico, the Virgin Islands and Fiji were recently converted to Delaware.
Delaware is an attractive state for business owners becautilize of its ‘corporate-frifinishly tax structure and offers privacy for business owners.
Texas and Nevada have also been recognized as favorable business states.
Dynatomics, LLC, Page’s AI aircraft manufacturing startup, has a new principal address in Keller, Texas. However the team will continue to work in California.
Page’s wife, Lucinda Southworth, has also relocated her marine conservation charity out of California
Page is ranked the seventh richest person in the world with a net worth of $144 billion, according to Forbes.
An estimated 255 other billionaires currently live in California.
Kim Kardashian, Mark Zuckerberg, Oprah and Jerry Seinfeld are reportedly among the list.
Several have also created their exit from the state just under the deadline.
Venture capitalists Peter Thiel and David Sacks have each relocated their offices to other states in the wake of the tax.
Sacks even wrote on social media that Silicon Valley was on its way out.
‘Miami will replace NYC as the finance capital and Austin will replace SF as the tech capital,’ he declared.
Service Employees International Union-United Healthcare Workers West created the pfinishing proposal.
According to the proposal’s website, the added tax will ‘fill the healthcare funding shortfall created by [the One Big Beautiful Bill Act]’.
‘In addition, a portion will go to fund K-14 public education and food assistance programs, ensuring children obtain a quality education and struggling families have enough food to eat,’ the site read.
Page (left) started google with Sergey Brin (right) in 1998 and has since stepped down from executive roles
California Governor Gavin Newsom reportedly opposes the billionaires’ tax
While the measure seems popular among voters, it has been criticized by wealthy Californians and government officials.
Some have argued that each billionaire’s net worth may be ‘inflated or overvalued,’ pushing them into billionaire status without the bank account to back it up.
A spokesperson for Governor Gavin Newsom notified SF Gate even he opposed the tax, stateing he would ‘fight’ the measure.
In a statement about their proposed ’emergency’ tax, the union wrote ‘California is facing approximately $100 billion in federal healthcare funding cuts over the next five years.
‘The reductions were advanced by Republicans in Congress as part of a broader effort to protect existing tax advantages for the ultra-wealthy, shifting the burden onto patients, providers, and communities.’
The Daily Mail contacted Larry Page for comment.
Leave a Reply