Sergey Brin appears to be loosening his long-standing financial footprint in California, marking another high-profile shift among the state’s wealthiest residents. In the days leading up to Christmas, an entity connected to Brin either shut down or relocated 15 California LLCs, according to reporting from The New York Times. Several of those companies were converted into Nevada entities, signaling a strategic pullback from the state he helped define as a global tech hub.
Larry Page Also Moves Dozens Of Entities Out Of California
Brin is not the only Google titan reducing exposure to California. In December, more than 45 LLCs associated with Larry Page filed paperwork to either leave the state or go inactive. A trust connected to Page also finalized the purchase of a 71.9 million dollar home in Miami, adding to the growing list of assets shifting beyond California’s borders.
The Times further reported that another entity jointly managed by Brin and Page officially moved out of California and into Nevada on Christmas Eve. Despite the rapid changes, the outlet noted that both founders still own homes across the state.
Billionaire Tax Proposal Fuels Debate And Migration
These moves come at a politically charged moment. Supporters of the California Billionaire Tax Act are pushing a ballot initiative that would impose a one-time 5 percent tax on residents with a net worth above 1 billion dollars. Advocates argue the measure would generate billions for healthcare and essential public services. Critics, however, say the proposal risks accelerating the departure of high-net-worth individuals and their assets.
A letter from the initiative’s proponents to California Attorney General Rob Bonta underscores their case. It states, “California has around 200 billionaires who collectively possess an astonishing 2 trillion dollars in wealth. These billionaires pay less than 1.5 percent of their total wealth in annual taxes, including federal, state, and local taxes, according to leading economic estimates, a small fraction of what ordinary Californians pay.”
Supporters Say The Tax Would Be “Barely Noticeable”
Backers of the initiative insist the measure would be minimal compared to billionaire wealth gains. The California Billionaire Tax Act website claims the one-time tax would be “barely noticeable,” adding that billionaire net worth typically grows at an average of 7.5 percent a year, even after such a levy.
The Service Employees International Union–United Healthcare Workers West, a major supporter of the effort, said signature collection for the ballot measure will begin in January. This follows Attorney General Bonta’s issuance of the official title and summary, clearing the path for the proposal to seek qualification for the November 2026 ballot.
