Google co-founder departs California in response to proposed billionaire tax

Larry Page Leaves California Amid Wealth Tax Concerns

Reports indicate that Larry Page, co-founder of Google and currently the world's second-wealthiest individual, has departed California due to apprehensions over a proposed tax targeting billionaires' assets.

According to state filings, Page has shifted the registration of several of his ventures—including his family office and a flying car initiative—from California to Delaware.

Business Insider revealed that Page himself has relocated out of California, anticipating a possible vote on a 5% wealth tax.

With an estimated fortune of $270 billion (£200 billion), Page stands as the second-richest person globally. In a similar move, Elon Musk, the world's richest person, left California for Texas in 2020.

Support for a wealth tax designed to fund healthcare is gaining traction in California. A healthcare workers' union is pushing for a referendum on the measure to coincide with the upcoming November elections and is currently collecting signatures to secure its place on the ballot.

California's legal framework allows citizens to propose and vote on new laws if enough signatures are gathered, regardless of opposition from state officials.

Governor Gavin Newsom, a Democrat and a leading contender for his party's 2028 presidential nomination, has voiced opposition to the wealth tax, leaving its fate uncertain.

If enacted, the tax would be retroactive from January 1, 2026, meaning residents would have needed to relocate before last year to avoid its impact.

Among the entities Page moved late last year are Koop (his family office), Flu Lab (which supports flu vaccine research), and One Aero (a company backing his flying car projects).

While Flu Lab was reached for comment, Page and his other organizations were unavailable for response.

The proposed legislation would impose a one-time 5% tax on individuals with assets exceeding $1 billion, potentially costing Page $13.5 billion.

Other notable California billionaires, such as venture capitalist Peter Thiel, are also rumored to be contemplating leaving the state.

Conversely, Jensen Huang, CEO of Nvidia and now the world's ninth-richest person, has expressed no objections to the wealth tax. Speaking to Bloomberg, he stated, “We chose to live in Silicon Valley and whatever taxes, I guess, they would like to apply, so be it. I’m perfectly fine with it. It never crossed my mind once.”

The New York Times recently reported that Page had discussed with friends the possibility of relocating to Florida in response to the proposed tax.