Larry Page is officially moving business out of California ahead of a proposed billionaire's tax

In a significant move, billionaire Larry Page, co-founder of Google, has begun distancing himself from California as he anticipates a proposed wealth tax that could impact the state's wealthiest residents. Recent filings indicate that Page's family office, Koop, transitioned from California to Delaware in late December, a strategic shift designed to mitigate the financial implications of the new tax law slated for consideration. This wealth tax proposal, if enacted, would impose a 5% tax on Californians with assets exceeding $1 billion, retroactively effective from January 1, 2026. Page's decision to relocate several entities, including Flu Lab LLC and One Aero, to Delaware, reflects a broader trend among wealthy individuals seeking more favorable tax environments. These companies have been involved in various ventures, including research on influenza and innovative flying car projects. Additionally, Page's recent startup, Dynatomics, which focuses on applying AI technology to aircraft manufacturing, has also been registered in Delaware. Despite these transitions, reports indicate that the operational team remains based in California under the leadership of Chris Anderson. The proposed tax has faced criticism from various sectors, including venture capital and political leaders who argue it could drive high-net-worth individuals out of the state, undermining California's economy. Prominent venture capitalist Vinod Khosla cautioned that such a measure would result in long-term damage to the state's financial landscape. As conversations around the tax continue, Page's relocation raises questions about the future of California's innovation economy, especially with other tech hubs like Miami and Austin gaining traction. While the full implications of the proposed tax remain uncertain, Page's proactive measures serve as a clear signal of the growing unease among the state's wealthiest individuals regarding their financial futures.