In an astonishing move that many are dubbing an act of resistance, Google co-founders Larry Page and Sergey Brin have decided to leave California. This exodus is a direct response to a landmark legislative effort known as the Billionaire Wealth Tax. The proposal has created a profound rift between the Golden State and its most successful entrepreneurs, prompting a relocation of assets and residency that marks the end of an era for Silicon Valley.
The “Billionaire Tax Act” is expected to make major ripples across the US economy, levying a 5% tax on California residents with a net worth exceeding $1 billion. This controversial legislation, set to be voted on in November this year, has compelled famous entrepreneurs to shift their business operations out of the region. And the list includes Larry Page and Sergei Brin.
What is the Billionaire Wealth Tax?
The Billionaire Wealth Tax is officially filed as Initiative 25-0024 with the California Attorney General. It is a fiscal measure that seeks to impose a one-time 5% excise tax on the worldwide net worth of residents exceeding $1 billion.
Unlike standard income taxes that target annual earnings, this levy is designed to capture a fraction of accumulated wealth. This includes unrealized gains in stock, private business interests, and diverse global assets. According to a UC Berkeley report, the Billionaire Wealth tax is expected to generate approximately $100 billion, which will be directed towards funding public services such as education and healthcare.
For individuals of Page and Brin’s financial stature, the implications are historic. With their combined net worth estimated at roughly $300 billion, the two founders faced a potential collective tax liability of $15 billion. Technical analysis by PwC highlights a critical “cliff” in the legislation.
The Billionaire Wealth tax applies to those who were residents of California as of January 1, 2026. This specific date triggered a narrow window for the ultra-wealthy to reconsider their ties to the state, leading to a flurry of corporate and personal restructuring in the final days of 2025.
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Google Co-founders Larry Page and Sergey Brin respond to Billionaire Wealth Tax
Records indicate that Page and Brin acted with much urgency. On December 24 last year, “T-Rex LLC,” a joint venture by the founders, was converted from a California-based company to a Delaware corporation. Reports by Business Insider and Entrepreneur revealed that Page moved over 45 business entities out of California. Brin took a similar decision, relocating 15 entities to tax-favorable jurisdictions like Nevada and Florida right before the new year.
The physical manifestation of this departure is most evident in Larry Page’s recent acquisition of two ultra-luxury mansions in Miami’s Coconut Grove for a combined $173.4 million. This move to Florida underscores a growing “billionaire exodus” where high-net-worth individuals are prioritizing jurisdictions that offer tax clarity and privacy.
While some tech leaders, such as NVIDIA’s Jensen Huang, have voiced a willingness to remain and contribute to the state’s coffers, many others view the Billionaire Wealth tax as a punitive measure that threatens the liquidity and control of their founding stakes.
The 5% Billionaire Wealth Tax has forcefully revised the relationship between California and its wealthiest citizens. The departure of Page and Brin is not merely a decision prompted by financial prospects. It is driven by the necessity to protect a lifetime of innovation from what they perceive as a fiscal threat. As California prepares for a potential ballot showdown over the Act in November this year, the absence of such iconic entrepreneurs accentuates the shifting tides of the American economic landscape.
Also Read: Larry Page Moves Business Out Of California Due To “Billionaire Tax” Proposition
