California’s proposed billionaire tax already has Google founders heading for the exits

They’re taking their LLCs and assets elsewhere

Sergey Brin spent nearly 30 years building his fortune in California. Now he is quietly moving his business empire out of the state.

In the 10 days before Christmas 2025, Brin terminated or relocated 15 California LLCs, with seven reregistered in Nevada. His fellow Google co-founder Larry Page made the same move weeks earlier.

Together, the two men are worth more than $530 billion, and both are racing to cut ties with the state where they built one of the most valuable companies on Earth.

Brin Moved His Superyacht Paperwork to Nevada

Among the entities Brin moved were companies managing his $450 million superyacht and a private air terminal at San Jose International Airport.

The superyacht, called Dragonfly, docked in Biscayne Bay when Brin visited Miami for Art Basel in December.

The shift mirrors actions by his co-founder Larry Page, who inactivated or relocated over 45 similar business vehicles.

Nevada has no state income tax, no corporate tax, and no wealth tax, making it a popular destination for California billionaires restructuring their holdings.

Larry Page Got Out First

Page moved his family office, Koop, out of California in late December and registered the business in Delaware.

He also converted several investment and research vehicles, including his influenza research fund and a flying-car venture.

An LLC tied to both Page and Brin called T-Rex, formed in 2006, was converted into a Delaware entity and renamed T-Rex Holdings on December 24, 2025.

The new filing lists a principal office in Reno, Nevada, with both founders remaining as managers.

Page Bought $173 Million in Miami Real Estate

Page paid $101.5 million for a 4.5-acre Biscayne Bay waterfront compound in late December, then bought a second nearby estate for $71.9 million on January 5, 2026.

The first property, called Banyan Ridge, had been listed for $135 million and includes eight interconnected structures, meditation gardens, and an infinity pool.

The December purchase was the fourth most expensive home sale in the United States last year. Brin is reportedly shopping for a waterfront home in Miami Beach.

The Tax Would Take 5% of Their Wealth

The 2026 Billionaire Tax Act is a proposed ballot initiative that would impose a one-time 5% tax on California residents worth more than $1 billion.

Supporters say the measure would raise tens of billions of dollars to help fund healthcare, education, and food assistance programs. The tax would cover stocks, businesses, art, yachts, and intellectual property.

It is expected to raise about $100 billion over five years from roughly 200 of the wealthiest Californians.

The January 1 Deadline Was a Trap

The proposed billionaire tax would apply to those who are California residents as of January 1, 2026, leaving billionaires little time to establish tax residency elsewhere.

That retroactive date is what made the late-December scramble so urgent.

Tax attorneys say that retroactive start date leaves little room for billionaires to change residency after the fact.

Anyone who stayed past New Year’s Eve could owe the tax if voters approve the measure in November, regardless of when they leave afterward.

Page and Brin Could Owe $25 Billion Combined

Page and Brin are worth roughly $500 billion or more today, and if they were fully exposed to a one-time 5% wealth tax as California residents, their bill alone could land in the mid $20 billion range.

That is more than many states collect in total annual revenue.

Critics argue the tax could force tech founders to sell large portions of their companies to pay the bill, potentially tanking stock prices and hurting ordinary investors with retirement accounts tied to those shares.

Peter Thiel and David Sacks Also Left

Peter Thiel and David Sacks both publicly announced new office locations on New Year’s Eve as they departed for Florida and Texas, respectively.

Thiel’s investment firm opened an office in Miami’s Wynwood neighborhood, while Sacks relocated his venture capital firm Craft Ventures to Austin.

Oracle CEO Larry Ellison also sold his San Francisco mansion.

A relocation attorney said he personally helped four billionaires leave the state ahead of the January 1 deadline.

Chamath Says $700 Billion Already Left

Venture capitalist Chamath Palihapitiya said that more than $700 billion in billionaire wealth has left California in the past month.

He posted on social media that billionaire acquaintances worth a combined $500 billion scrambled to leave before the deadline.

Palihapitiya warned that the tax will eventually bankrupt California and said moving to Texas is under serious consideration.

He argued the tax burden would ultimately fall on the middle class once the wealthiest residents are gone.

Newsom Is Trying to Kill the Measure

Governor Gavin Newsom acknowledged that the proposed wealth tax is bad economics and said he feels vindicated after reports showed billionaires moving money and businesses out of state.

He has been meeting with union leaders to find a compromise before the measure reaches the ballot. Newsom described an all-hands effort that has included him meeting one-on-one with SEIU-UHW’s leader, Dave Regan.

A compromise does not appear imminent, and the union says a ballot fight is inevitable.

Jensen Huang Says He Is Not Going Anywhere

Not every California billionaire is running for the exit. Nvidia CEO Jensen Huang said he was perfectly fine with the proposed tax in an interview on Bloomberg Television.

He told reporters that he chose to live in Silicon Valley and would accept whatever taxes the state applies. Huang is worth roughly $163 billion, meaning a 5% tax could cost him more than $8 billion.

His decision to stay puts him at odds with many of his fellow tech titans who have already packed up.

The Ballot Fight Is Just Getting Started

Supporters must gather 546,651 valid signatures by June 25, 2026 to put the measure on the November ballot.

The Service Employees International Union is leading the signature collection effort, framing the tax as an emergency measure to prevent healthcare collapse after federal funding cuts.

But even if the measure fails, the damage to California’s reputation as a tech hub may already be done. Page and Brin built Google in a garage in Menlo Park.

Now they are buying mansions in Miami.

This article was created with AI assistance and human editing.

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