Google co-founders may be leaving California

Sergey Brin and Larry Page, the co-founders of Google, seem to be scaling back their footprint in California, according to a report from The New York Times. In December, a total of 15 limited liability companies (LLCs) linked to Brin's investments were either dissolved or transitioned to Nevada. These entities manage various interests, including one of Brin's superyachts and a stake in a private terminal at San Jose International Airport. In a similar trend, 45 LLCs associated with Page have either become inactive or relocated outside California. Recently, a trust connected to Page made headlines by purchasing a lavish mansion in Miami for a staggering $71.9 million. While the ultra-rich often have complex reasons for relocating, both Brin and Page still maintain residences in California. However, their recent actions hint at a strategic move to evade a looming ballot initiative that seeks to introduce a one-time 5% tax on individuals with a net worth exceeding $1 billion. Should this measure appear on the ballot in November and receive approval, it would apply retroactively to anyone who resided in California as of January 1 of this year.