Google cofounder Larry Page richest to exit California: $100bn revenue target at risk
As Californians gear up for the vote on Proposition 40, a one-time 5% wealth tax aimed at billionaires, tech mogul Larry Page, co-founder of Google, is contemplating a move out of state to dodge the hefty taxes. This potential exodus could threaten the proposed $100 billion revenue, with estimates suggesting a looming $29 billion shortfall in tax income as other affluent residents follow suit.
With Californians set to vote on Proposition 40, Google co-founder Larry Page has decided to leave California in the event of the measure passing. This move is expected to significantly impact the state's revenue projections, given Page's position as the wealthiest tech executive to depart the state. The proposal specifically targets billionaires who were residents of California as of January 1, 2026.
While some business leaders, like Nvidia CEO Jensen Huang, have expressed their approval of the proposal, many ultra-wealthy residents chose to exit California prior to the January deadline. Among them, Larry Page stands out, with a net worth of approximately $260 billion. Page's estimated tax liability under the levy would have been around $15 billion.
Consequently, he has transferred his operational and personal presence out of California, incorporating his family office, Koop, in Delaware and moving associated entities such as Flu Lab LLC, One Aero, and Oceankind in the same month. Simultaneously, Page has allocated his capital towards luxury real estate in Miami, purchasing two premier estates for a combined $173.4 million.
The departures of top-tier billionaires have already affected the potential financial yield of the ballot measure. Projected to generate around $100 billion for the state, four departing tech leaders - Larry Page, Sergey Brin, Peter Thiel, and ex-Uber CEO Travis Kalanick - are expected to collectively owe approximately $29 billion, effectively reducing the revenue pool by more than a quarter before the ballots are even cast.
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