Google cofounder Larry Page appears set to bid adieu to the state where he launched his tech behemoth and accumulated much of his wealth.
Page is transferring several of his assets out of California, per filings examined by , , severing ties with the state after a wealth tax proposal was put forward that would affect California’s approximately 200 billionaires. While some billionaires have begun leaving the Golden State, others seem unfazed—like Nvidia CEO Jensen Huang, who states he doesn’t care about the tax.
Koop, Page’s family office, was moved out of California and registered in Delaware on December 23, as shown in filings from the respective states. Flu Lab LLC, a healthcare testing services firm , along with One Aero, that has backed his flying car development ventures, were similarly relocated from California to Delaware. Ocean science nonprofit Oceankind, , was also registered in Delaware last month, having previously been based in California.
These assets were transferred out of California before a de facto year-end deadline. If the ballot measure is approved after the November election, it will apply retroactively to California residents as of January 1, 2026.
The proposed tax requires California residents with a net worth exceeding $1 billion to pay a one-time tax equal to 5% of their assets. The tax can be paid over five years, and 90% of the payments will go toward healthcare spending.
Using that calculation, Page—who is , according to the Bloomberg Billionaire Index—would owe the state roughly $13 billion in taxes if the proposal passes.
Though voters won’t decide the proposal’s fate for months, Page seems to be taking no chances. The Google cofounder has reportedly already left the state, an anonymous source told Business Insider, which also Page moving his businesses out of California. reported last month that Page, along with billionaire venture capitalist Peter Thiel, were considering leaving California by the end of 2025.
was unable to reach Page for comment.
Billionaires’ Mass Departure from California
Many tech leaders have clearly stated their views on California’s proposed wealth tax, arguing the measure would worsen the trend of ultra-wealthy individuals leaving the state for places with lower taxes and fewer regulations—ultimately leaving California with fewer resources. Garry Tan, CEO of tech startup accelerator Y Combinator, warned that additional taxes the state’s billionaires, driving capital out of California and eventually endangering innovation and support for the healthcare services the tax is intended to fund.
Indeed, California’s high taxes—including corporate, sales and use, and franchise taxes—plus a stricter regulatory environment, are often cited as the reason former Silicon Valley residents have shifted their business operations to other states. Elon Musk’s 2020 move from California to income-tax-free Texas—now the headquarters of , , , and the Boring Company—may have in capital gains taxes. , , and are among other major companies that have relocated from California to the Lone Star State. Delaware, where Page has registered several entities, does not require limited liability company (LLC) owners to publicly disclose their names.
But not every billionaire is strongly opposed to the proposal. Nvidia CEO Huang—the world’s ninth-richest person —seems to be unfazed by it.
“I haven’t even thought about it once,” Huang in a Tuesday interview. “We chose to live in Silicon Valley, and whatever taxes they decide to impose, so be it. I’m completely fine with that.”
In fact, Nvidia is likely expanding its Silicon Valley presence, having reportedly in San Francisco in November 2025—defying concerns about widespread divestment or talent loss in California.
“We work in Silicon Valley because that’s where the talent pool is, and we have offices all over the world, wherever there’s talent,” Huang said.