Google co-founder Larry Page is cutting ties with California. Public filings from the California Secretary of State, reviewed by Fox News Digital, show that several companies linked to him changed their registration details in December. The filings show that his family office, Koop LLC, and his flu research group, Flu Lab LLC, are no longer registered in California. Another company connected to Page, One Aero, which is working on flying cars, has now listed Florida as its main address. These changes came just weeks before January 1, 2026, the date linked to a proposed new tax that would affect state residents.
Why is Page moving out?
In December, The New York Times reported that Larry Page had told people he was thinking about moving to Florida. The reason, according to the report, was a proposed ballot measure in California that targets the state’s richest residents. If the proposal is approved, it would place a 5% tax on the assets of California residents whose net worth is more than $1 billion.
A Business Insider report, citing a source close to Page, revealed that the Google co-founder has already moved out of California. It is not clear whether the move is permanent or only for now. According to the Bloomberg Billionaires Index, Page is currently the second-richest person in the world.
Wealth tax plan putting pressure on billionaires?
The proposed measure, which is supported by the Service Employees International Union-United Healthcare Workers West, would implement a one-off 5% tax on residents with assets of more than $1 billion. It is aimed at funding healthcare and is being pushed for the November 2026 ballot.
As per a report by The Telegraph, California’s ballot system allows such laws to go directly to voters if campaigners collect enough signatures, even if top leaders oppose them. Governor Gavin Newsom has also voiced his opinion against the wealth tax and is still not sure if it will pass.
However, the draft law would apply from January 1, 2026. Anyone who is a California resident on that date would be liable, even if they move later. According to The Telegraph, the charge could cost Page nearly $13.5 billion at the proposed 5% rate.
Filings as cited by The Telegraph show several Page-related entities changed their registrations late last year. His family office, Koop, has been shifted from California to Delaware. Flu Lab, which deals with funds related to research into flu vaccines, and One Aero, a firm related to his “flying car” ventures, have also shifted base out of the state.
Billionaires rethink staying in California
According to a report by Fox Business, Page is a part of a wider group of billionaires who are reevaluating California as the wealth tax debate gathers steam. Oracle founder Larry Ellison has also taken measures that point to a smaller presence in the states, including a reported $45 billion off-market sale of a San Francisco home, though that deal has not been confirmed yet.
A resident with $20 billion in net worth on January 1, 2026, would face a one-time $1 billion tax bill, payable over five years. Union officials who are backing the move argue that talk of mass exodus is exaggerated, whereas critics quoted by Fox Business stated that it is exaggerated. Critics, as quoted by Fox mention that taxpayers are increasingly not willing to pay more and “will leave-and they are leaving.”
On the other hand, not all tech leaders are planning to leave California. Nvidia chief executive Jensen Huang stated to Bloomberg that he is “perfectly fine” with a wealth tax.