Larry Page's move out of California could shave $29 billion off billionaire tax plan

Ahead of the November vote on Proposition 40, which would impose a one-time 5% wealth tax on California’s billionaires, Larry Page has become the wealthiest tech figure to leave the state. Page moved his family office, Koop, and affiliated companies such as Flu Lab LLC, One Aero and Oceankind to Delaware in late December, effectively ending his California residency before the January 1, 2026 cutoff. He simultaneously invested $173.4 million in two high-end Miami properties, including a 11,855-square-foot estate in Coconut Grove.

Had he remained, Page would have faced an estimated $15 billion tax bill; his exit, along with those of Sergey Brin, Peter Thiel and Travis Kalanick, cuts the expected revenue by roughly $29 billion, more than a quarter of the measure’s target. The departures underscore concerns that the tax could drive more high-net-worth individuals out of the state. Other billionaires such as Elon Musk and Jeff Bezos have previously relocated, but Page’s move is the largest in terms of potential tax loss.