Google cofounder Larry Page, one of the wealthiest men on the planet, is packing up his business toys and leaving California before a looming tax storm hits.
In a calculated move, Page, ranked as the second-richest person globally by the Bloomberg Billionaires Index, has relocated multiple business entities out of the Golden State ahead of a December 2025 deadline tied to a proposed billionaire wealth tax that could slap a 5% levy on assets for those worth over $1 billion.
For California taxpayers, especially small business owners and middle-class families already squeezed by high costs, this is a glaring signal of a deeper problem—punitive tax policies that could drive job creators and innovation out of the state, leaving behind a hefty financial burden in lost revenue and economic activity.
Official filings, as confirmed by Business Insider, show Page has severed business ties with California, converting entities like his family office, Koop, from California to Delaware incorporation.
Other ventures, including Flu Lab LLC, which funds influenza research, now list its main office in Nevada, while One Aero, tied to flying car projects, operates out of Florida after also shifting to Delaware.
Dynatomics LLC, a 2023 startup focused on AI in aircraft manufacturing, moved its base to Keller, Texas, though its team, led by Chris Anderson, reportedly still works from California, raising questions about how deep these cuts truly go.
The proposed ballot measure driving this exodus would impose a 5% asset tax on California residents worth over $1 billion, a retroactive hit that could apply to anyone deemed a resident as of January 1, 2026, if voters approve it.
California’s residency rules, based on physical presence and substantial business ties, mean even a partial exit might not shield someone like Page from legal exposure if the state decides to pursue compliance costs or back taxes.
Reports from The New York Times indicate Page has already left California—whether temporarily or permanently remains unclear—and had been mulling a move to Florida over this very tax threat.
Page isn’t alone in his discontent; tech heavyweights like Peter Thiel and Palmer Luckey have slammed the proposed tax, with some mulling their own relocations if it becomes law.
Luckey, cofounder of Anduril, didn’t mince words, warning, “The tax would force founders to sell significant portions of their companies to pay for fraud, waste, and political favors for the organizations pushing this ballot initiative.”
That’s a gut punch to any conservative who values free enterprise—why should innovators be forced to liquidate their life’s work to fund what many see as a progressive agenda of inefficiency and overreach?
On the other side, Rep. Ro Khanna (D-CA), representing part of Silicon Valley, supports the tax despite past opposition to similar measures, quipping, “I will miss them very much,” about departing billionaires.
With all due respect to the congressman, missing a few fat wallets won’t fill the budget holes left when businesses flee, taking jobs and tax dollars with them—ironic for a state already grappling with deficits.
