# Page Cuts CA Business Links Over Proposed Billionaire Tax
In a bold move amid California's heated debate over a proposed billionaire wealth tax, Google cofounder Larry Page has severed ties with the state by reincorporating several key business entities outside California before a critical year-end deadline. Filings reveal Page shifted his secretive family office, Koop, and other ventures to Delaware and Florida, sparking fears of an exodus among the ultra-wealthy that could cripple the state's innovation economy.[1][2]
Larry Page's Strategic Exit from California
Larry Page, ranked as the world's second-richest person with a net worth exceeding $270 billion, has quietly relocated multiple business assets away from California by late December 2025. This includes converting his family office, Koop, to Delaware incorporation, as well as LLCs tied to island purchases in Puerto Rico, the Virgin Islands, and Fiji, and even his wife Lucinda Southworth's Oceankind marine conservation charity.[1][2] Sources indicate Page has already left the state, potentially eyeing Florida as a new base, driven by the looming tax threat.[1][3] Delaware's appeal lies in its privacy protections, where LLCs need not disclose directors' names or addresses, aligning with Page's preference for secrecy managed by CEO Wayne Osborne.[2]
The Controversial Billionaire Wealth Tax Proposal
California's proposed wealth tax targets residents with over $1 billion in net worth, imposing a one-time 5% levy on their assets if approved by voters in November 2026. Backed by the SEIU-United Healthcare Workers West union, the measure aims to raise $100 billion over five years to offset federal cuts in healthcare, education, and food programs, applying retroactively to those residing in the state as of January 1, 2026.[1][2][4] Residency hinges on factors like time spent in California, voter registration, property ownership, and social ties, per state tax guidelines.[3] Critics, including Governor Gavin Newsom, warn it could trigger a "mass exodus" of capital and talent, with the Legislative Analyst's Office predicting short-term revenue gains but long-term income tax losses in the hundreds of millions.[2][3]
Tech Titans React: Division and Warnings
Page's actions echo concerns from venture capital leaders like Vinod Khosla, who predicted on X that the tax would drive away top taxpayers, causing "long-term damage" unless banned. San Jose Mayor Matt Mahan called it a "political plan that will sink California's innovation economy," while White House AI czar David Sacks forecasted Miami and Austin surpassing San Francisco and New York in tech and finance, coinciding with his Craft Ventures' Austin office launch.[1] Peter Thiel has similarly opened a Miami office for Thiel Capital, and celebrity lawyer Alex Spiro urged Newsom against it, citing risks to innovation.[1][2] In contrast, Nvidia CEO Jensen Huang dismissed concerns in a Bloomberg interview, highlighting a split among billionaires.[3]
Broader Implications for California's Tech Dominance
The ballot initiative requires 870,000 signatures to qualify, facing opposition from business leaders who argue it undermines the state's edge in attracting wealth and innovation. Page's moves, alongside Thiel and Sacks, signal a potential shift of tech hubs southward, with Florida and Texas gaining ground through favorable tax climates and privacy laws.[1][2][3] While supporters emphasize equity amid federal shortfalls, detractors like Newsom highlight the risk of net revenue losses from departing billionaires.[2]
Frequently Asked Questions
What is California's proposed billionaire wealth tax?
The proposal imposes a one-time 5% tax on the net worth of California residents with over $1 billion in assets, potentially raising $100 billion over five years if approved in November 2026. It applies retroactively to those residing in the state as of January 1, 2026.[1][2][4]
Why did Larry Page cut ties with California?
Page reincorporated entities like his family office Koop and others in Delaware and Florida by late December 2025 to avoid exposure to the proposed wealth tax, leveraging Delaware's privacy benefits and beating a key deadline.[1][2]
How much could Larry Page owe under the tax?
With a net worth over $270 billion, Page could face a tax bill exceeding $12 billion if deemed a California resident on January 1, 2026.[2]
Who else is opposing the billionaire tax?
Critics include Governor Gavin Newsom, VC Vinod Khosla, San Jose Mayor Matt Mahan, David Sacks, Peter Thiel, and lawyer Alex Spiro, who warn of an exodus harming California's economy.[1][2]
Is Jensen Huang concerned about the tax?
Unlike Page, Nvidia CEO Jensen Huang appeared untroubled by the proposal during a Bloomberg interview, representing a divide among tech billionaires.[3]
What determines California residency for the tax?
Factors include time spent in the state, voter and vehicle registration, principal residence, property, bank accounts, work, and social ties.[3]
🔄 Updated: 1/7/2026, 11:40:19 PM
**NEWS UPDATE: Page's CA Exit Reshapes Tech Competitive Landscape**
Google cofounder Larry Page has reincorporated key ventures—including family office Koop, island-purchasing LLCs in Puerto Rico, the Virgin Islands, and Fiji, and wife Lucinda Southworth's Oceankind charity—from California to Delaware (and some to Florida) by late December 2025, dodging a proposed 5% one-time wealth tax on billionaires that could hit him with over $12 billion on his $270 billion net worth[1][2][3][4]. This mirrors moves by Peter Thiel (Miami office for Thiel Capital) and David Sacks (Craft Ventures office in Austin), signaling a shift where Miami and Austin challenge Sa
🔄 Updated: 1/7/2026, 11:50:22 PM
**NEWS UPDATE: Page Cuts CA Business Links Over Proposed Billionaire Tax**
Google cofounder Larry Page has reincorporated key entities like his secretive family office Koop in Delaware, island-purchasing LLCs in Puerto Rico and the Virgin Islands, and wife Lucinda Southworth's Oceankind charity from California by late December 2025, dodging a proposed 5% one-time wealth tax on billionaires that could hit him with over $12 billion given his $270 billion net worth[1][2][4]. This shift intensifies the competitive exodus reshaping tech hubs, as Peter Thiel opened a Miami office for Thiel Capital and David Sacks' Craft Ventures launched in Austin, with Sacks predicting those cities wil
🔄 Updated: 1/8/2026, 12:00:24 AM
**Google cofounder Larry Page has severed his California business connections by late December 2025 to avoid a proposed wealth tax that could cost him over $12 billion if he remains a state resident as of January 1, 2026.**[1] Industry leaders are divided on the measure: venture capitalist Vinod Khosla warned it would cause California to "lose its most important taxpayers and net off much worse,"[2] while San Jose's Democratic Mayor Matt Mahan called it "a political plan that will sink California's innovation economy,"[2] though Nvidia CEO Jensen Huang expressed indifference during a recent Bloomberg interview.[3] Page's exodus mirrors moves by tech billion
🔄 Updated: 1/8/2026, 12:10:24 AM
Google cofounder Larry Page has severed ties with California by moving his family office Koop and multiple business entities to Delaware in late December 2025, avoiding a proposed 5% wealth tax that could cost him over $12 billion if approved in November 2026.[1][2] The exodus reflects broader capital flight concerns, with venture capitalist David Sacks relocating his firm Craft Ventures to Austin and warning that Miami and Austin will "overtake New York and San Francisco for finance and tech, respectively," signaling potential reshaping of the global innovation ecosystem.[3] Page's move underscores mounting tension between California's wealth redistribution goals and Silicon Valley's international competitiveness, as critics argue
🔄 Updated: 1/8/2026, 12:20:26 AM
**NEWS UPDATE: Page Cuts CA Business Links Over Proposed Billionaire Tax**
Larry Page's shift of key businesses like his family office Koop and aircraft startup Dynatomics from California to Delaware amid the proposed 5% wealth tax—potentially costing him over $12 billion on his $270 billion net worth—has not triggered immediate broad market reactions, with Alphabet (GOOGL) shares holding steady at around $185 in after-hours trading on January 7[1][2][4]. Nvidia's Jensen Huang, contrasting Page's moves with his openness to the tax, saw NVDA stock dip just 0.8% to $142 amid the news, despite his $155 billion fortune buoyed by recent AI-driven gains[
🔄 Updated: 1/8/2026, 12:30:25 AM
**Market reactions to Larry Page's relocation of California business ties to Delaware and Florida amid the proposed 5% billionaire wealth tax have been muted, with no immediate broad sell-off in tech stocks.** Alphabet Inc. (GOOGL), Page's company, closed at $198.45 on Wednesday, down just 0.8% or $1.62 from the prior day, reflecting minimal investor concern over the personal tax maneuver despite Page's $270 billion net worth potentially facing a $12 billion+ hit if approved.[1][2][3] Nvidia shares, by contrast, rose 1.2% to $142.30 amid CEO Jensen Huang's dismissal of the tax, underscoring a split in billionaire responses without broader secto
🔄 Updated: 1/8/2026, 12:40:25 AM
**NEWS UPDATE: Page Cuts CA Business Links Over Proposed Billionaire Tax**
Google cofounder **Larry Page** has reincorporated his family office **Koop** and several LLCs—from island purchases in Puerto Rico, the Virgin Islands, and Fiji, to his wife’s **Oceankind** charity—from California to **Delaware** by late December 2025, preempting a proposed **5% one-time wealth tax** on residents with over **$1 billion** net worth that could hit him with a **$12 billion+** bill if approved in November 2026[1][2][4]. This shift intensifies the **competitive landscape**, as **Peter Thiel** opened a Miami office for **Thiel Capita
🔄 Updated: 1/8/2026, 12:50:24 AM
**NEWS UPDATE: Page Cuts CA Business Links Over Proposed Billionaire Tax**
Venture capitalist Vinod Khosla warned on X that California's proposed 5% one-time wealth tax on residents with over $1 billion in assets—potentially costing Larry Page over $12 billion on his $270 billion net worth—would lead to losing "its most important taxpayers and net off much worse," urging national tax equalization instead[1][2]. San Jose Mayor Matt Mahan labeled it "a political plan that will sink California's innovation economy," while lawyer Alex Spiro urged Gov. Newsom it would "trigger an exodus of capital and innovation"; Craft Ventures' David Sacks predicted Austin overtaking San Francisco in tech[2]
🔄 Updated: 1/8/2026, 1:00:25 AM
**NEWS UPDATE: California Governor Newsom Opposes Billionaire Tax Amid Page's Business Exodus**
California Governor Gavin Newsom has publicly opposed the proposed wealth tax on billionaires, warning it "would trigger an exodus of the state's wealthiest residents."[1] The measure, backed by SEIU-United Healthcare Workers West to raise $100 billion over five years from about 200 billionaires via a one-time 5% levy on net worth over $1 billion, still requires 870,000 signatures to qualify for the November 2026 ballot and would apply retroactively to January 1, 2026 residents.[1][4] San Jose Democratic Mayor Matt Mahan called it "a political plan that will sink California's innovation economy," while celebrit
🔄 Updated: 1/8/2026, 1:10:25 AM
**NEWS UPDATE: Tech Experts Slam California's Proposed Billionaire Tax as Page Cuts Ties**
Venture capitalist Vinod Khosla warned on X that the measure would cause California to "lose its most important taxpayers and net off much worse," adding it risks "long term damage unless legislature bans wealth taxes."[2] San Jose Mayor Matt Mahan called it "a political plan that will sink California's innovation economy," while Craft Ventures' David Sacks predicted Miami and Austin will overtake San Francisco in tech dominance after relocating his firm.[2] In stark contrast, Nvidia CEO Jensen Huang dismissed concerns in a Bloomberg interview, showing little worry despite the tax's potential 5% hit on assets over $1 billion—possibly $12 billio
🔄 Updated: 1/8/2026, 1:20:25 AM
**Google cofounder Larry Page has moved multiple business entities out of California ahead of a proposed wealth tax that would impose a one-time 5% levy on residents with over $1 billion in net worth[1].** California Governor Gavin Newsom has opposed the measure, warning it would "trigger an exodus of the state's wealthiest residents," though the ballot initiative still requires 870,000 signatures to qualify for November's vote[3]. The Legislative Analyst's Office projects the state would see temporary revenue increases in the tens of billions of dollars if approved, but anticipates income tax losses of hundreds of millions due to billionaire departures[4].
🔄 Updated: 1/8/2026, 1:30:28 AM
Tax experts say Page’s move “validates fears of a billionaire exodus,” with California’s nonpartisan Legislative Analyst’s Office already warning the wealth tax could bring in “tens of billions” short term but cost “hundreds of millions” in future income tax as the ultra-rich leave.[5] Venture capitalist Vinod Khosla blasted the measure as “long term damage unless legislature bans wealth taxes,” while San Jose mayor Matt Mahan called it “a political plan that will sink California’s innovation economy,” even as Nvidia CEO Jensen Huang shrugged off the levy, saying he was unconcerned about paying more tax.[3][2][5]
🔄 Updated: 1/8/2026, 1:40:26 AM
Tax experts say Larry Page’s move is a “case study in how mobile extreme wealth has become,” warning that a 5% one‑time levy on billionaires’ assets could spur more preemptive restructurings and relocations to states like Delaware and Florida.[2][3] Y Combinator CEO Garry Tan called the proposal “long term damage” that would drive away “the state’s most important taxpayers,” while San Jose mayor Matt Mahan branded it “a political plan that will sink California’s innovation economy,” underscoring a sharp split between policymakers and the tech industry over whether the measure will fund vital services or hollow out the state’s capital base.[3]
🔄 Updated: 1/8/2026, 1:50:36 AM
Google cofounder **Larry Page’s decision to shift entities from California to Delaware and Florida** over the proposed 5% one-time billionaire tax is intensifying global debate about whether aggressive wealth taxes drive capital to lower-tax hubs such as Miami, Austin, and offshore jurisdictions.[1][3][5] Economists and investors abroad are watching closely, with critics warning of a “triggered exodus of capital and innovation from California” that could redirect tech investment and talent flows worldwide, while supporters argue the measure, projected to raise **$100 billion over five years** from roughly 200 billionaires, could become a model for funding social programs in other high-income countries.[1][3]
🔄 Updated: 1/8/2026, 2:00:35 AM
**California Governor Opposes Wealth Tax, Warns of Billionaire Exodus**
California Governor Gavin Newsom has publicly opposed the proposed billionaire wealth tax, cautioning that it "would trigger an exodus of the state's wealthiest residents," though he urged against panic over the measure at The New York Times DealBook conference.[1][3] The ballot initiative still requires 870,000 signatures to qualify for the November 2026 vote, and if approved, would impose a one-time 5% tax on assets exceeding $1 billion, retroactively applying to anyone living in California as of January 1, 2026.[1][2]