California’s proposed “Billionaire Tax” is already triggering a high-profile exodus. Larry Page, the Google co-founder and world’s second-richest person, has officially severed his business and residency ties with the Golden State.
The move comes as California prepares for a landmark ballot measure in November 2026 that would impose a 5% wealth tax on individuals with a net worth exceeding $1 billion. While the vote is months away, the legislation includes a retroactive clause dating back to January 1, 2026—a detail that appears to have prompted Page’s swift departure in late December 2025.
The $12.5 Billion Calculation
With a net worth estimated at $250 billion, Page faced a staggering $12.5 billion tax bill if he remained a California resident. To mitigate this, Page converted his primary business entities out of California just before the new year.
According to reports first surfaced by Business Insider, Page has moved his family office, Koop, and several funding vehicles—including Flu Lab, One Aero, and Dynatomics—to Delaware. Delaware is a preferred hub for the ultra-wealthy due to its favorable tax laws and strict privacy protections.
Where is Larry Page Now?
While Page’s exact whereabouts remain private, public filings show his entities have established new principal addresses in Florida, Nevada, and Texas.
Additionally, Page shifted the entities used to manage his private islands in Fiji, Puerto Rico, and the Virgin Islands to Delaware. While sources confirm Page has physically left California, it is currently unclear if the relocation is permanent or a temporary maneuver to navigate the 2026 tax window.
The “Capital Flight” Debate
The proposed tax has sparked a fierce debate within Silicon Valley. While billionaire philanthropists like Bill Gates and Warren Buffett have historically advocated for higher taxes on the wealthy, many local tech leaders warn of a “innovation exodus.”
Vinod Khosla, co-founder of Sun Microsystems, has been a vocal critic of the measure. Khosla warns that aggressive wealth taxes will drive away the state’s most significant taxpayers, ultimately leaving California with a budget deficit rather than a surplus.
As Page’s exit demonstrates, the primary challenge for state-level wealth taxes remains capital flight. Without a unified federal or international tax standard, the world’s wealthiest individuals possess the mobility to simply relocate their assets—and themselves—to more tax-friendly jurisdictions.
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