Google co-founders Sergey Brin, Larry Page leaving California ahead of 'billionaire tax': Report

Google co-founders Sergey Brin and Larry Page appear to have cut ties between California and many of their assets that risked exposing them to a proposed wealth tax in the state. (Image credit: AFP)

Google co-founders Sergey Brin and Larry Page appear to be scaling back their presence in California as the state considers a wealth tax targeting billionaires, according to filings reviewed by The New York Times and Business Insider. Brin's net worth is estimated to be $250 billion, while Page's stands at $271 billion. They were the fifth and second richest people in the world, as per Forbes on Tuesday.

In December, 15 limited liability companies (LLCs) tied to Brin’s investments and interests were either terminated or converted into Nevada entities. These include LLCs managing one of his superyachts and his stake in a private terminal at San Jose International Airport, the NYT reported.

Similarly, Page has shifted dozens of entities out of California. At least 45 LLCs linked to him have become inactive or moved to other states. His family office, Koop, was converted from California to Delaware in late December, meeting an end-of-year deadline. Other entities relocated include Flu Lab LLC, which funds influenza research and now lists its principal office in Nevada, and One Aero, which backs Page’s flying car ventures and now lists Florida as its base.

Page also converted Dynatomics LLC—a startup he launched in 2023 to apply AI in aircraft manufacturing—from California to Delaware, with a new principal address in Texas. A source told Business Insider the team continues to operate from California despite the legal shift.

The moves come as California weighs a ballot measure that would impose a one-time 5 percent tax on individuals worth more than $1 billion. If passed in November, the tax would retroactively apply to anyone who lived in the state as of January 1 this year. While both Brin and Page still own homes in California, the restructuring of their assets suggests efforts to minimise exposure to the proposed tax.

Page also made headlines this week for purchasing a $71.9 million mansion in Miami through a trust, signaling a growing footprint outside California.