Larry Page and Sergey Brin, the billionaire co-founders of Google, are scaling back their ties to California as a proposed ballot initiative threatens to impose a one-time wealth tax on the state's richest residents, according to The New York Times.
Critics like LinkedIn co-founder Reid Hoffman called the wealth tax a "horrendous idea" and counterproductive.
"Poorly designed taxes incentivize avoidance, capital flight, and distortions that ultimately raise less revenue," he said.
In recent weeks, entities linked to Brin moved or dissolved 15 California limited liability companies, with several converted into Nevada entities, while more than 45 companies associated with Page filed paperwork to leave or become inactive in the state.
A trust tied to Page also purchased a $71.9 million home in Miami, signaling a growing presence outside California.
The moves come as a healthcare union-backed proposal seeks to tax Californians worth more than $1 billion at roughly 5% of their assets. If approved, the tax would apply retroactively to residents as of Jan. 1 and be payable over five years.
The founders' actions stand out because of their deep association with Silicon Valley and their immense wealth, estimated by Forbes at more than $518 billion combined.
While both men still maintain homes and business interests in California, their pullback underscores concerns among some tech leaders that the proposed tax could drive capital and entrepreneurs out of the state.
Reactions to the measure have been sharply divided.
Gov. Gavin Newsom has warned it is "bad policy," while supporters argue it would help offset looming healthcare funding gaps.
© 2026 Newsmax. All rights reserved.