Google co-founder Larry Page, the world’s second richest man, is reportedly leaving California over concerns about a wealth tax on billionaires.
Mr. Page has moved the domicile of several entities from California to Delaware, including his family office and flying car business, according to state filings.
He personally moved out of the state ahead of a possible vote on a 5% wealth tax, according to Business Insider, which first reported the move.
Mr Page, who founded Google in 1998, is the world’s second-richest man, with a net worth of $270bn (£200bn).
Elon Musk, the world’s richest man, left California for Texas in 2020.
Momentum is building for a wealth tax to fund health care in California. A health care union has proposed putting the measure to a referendum in conjunction with the November midterm elections and is currently gathering signatures to put the measure on the ballot.
California law allows the public to vote on proposed laws if enough signatures are collected, even if they are opposed by the state’s politicians.
California Democratic Gov. Gavin Newsom, seen as the front-runner for the party’s nomination in the 2028 presidential election, has opposed plans to impose a wealth tax, and it is unclear whether the plan will pass.
However, the proposed law would apply retroactively starting on January 1, 2026, meaning California residents would have to leave within the last year to avoid the tax.
The organizations and companies Page relocated late last year include Koop, his family office; Flu Labs, which funded research into flu vaccines; and One Aero, the shell company that funded his flying car venture.
We contacted Influenza Labs for comment, but the other companies and Mr. Page were unable to be reached.
The proposed wealth tax would be a one-time 5% tax on those with more than $1 billion in assets, potentially costing Mr. Page $13.5 billion.
Other prominent California billionaires, such as venture capitalist Peter Thiel, have also reportedly considered leaving the state.
By contrast, Jensen Huang, chief executive of artificial intelligence chip company Nvidia and now the world’s ninth richest man, said he “fully agrees” with a wealth tax.
“We chose to live in Silicon Valley and I thought, whatever taxes they want to apply for, so be it,” he told Bloomberg on Tuesday. “I’m very happy with it. I never thought about it.”
The New York Times reported last month that Mr. Page told friends he was considering moving to Florida because of the wealth tax.
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