Larry Page Leaves California to Avoid Billionaire Wealth Tax

Google cofounder Larry Page severed his ties with California to avoid a potential one-time 5% wealth tax on billionaires under the upcoming Prop 40 ballot measure. With a net worth of $292 billion, Page would have owed nearly $15 billion if he remained a resident past the January 1, 2026, cutoff.

To facilitate the move, Page converted his family office, Koop, and other linked organizations—including Flu Lab LLC, One Aero, and Oceankind—from California to Delaware. He also invested $173.4 million in two Miami estates, including a $101.5 million property in Coconut Grove.

Page is among several tech billionaires, including Sergey Brin, Peter Thiel, and Travis Kalanick, who moved to Florida to avoid the proposed tax. These departures have collectively reduced the projected $100 billion revenue of Prop 40 by an estimated $29 billion.