As California gears up to vote on a proposed wealth tax targeting billionaires, Sergey Brin has reportedly reorganized several business entities in the state, following a strategy similar to that of Google co-founder Larry Page.
According to reports, Brin has taken steps to lessen his business footprint in California by restructuring multiple corporate entities. This move aligns with actions taken by his longtime associate Larry Page and comes just as California voters prepare to weigh a ballot initiative that would impose a significant wealth tax on billionaire residents.
Prior accounts noted that Page, who is among the world’s wealthiest individuals, is also seeking to shift his business profits out of California ahead of the state’s forthcoming wealth tax.
Page has effectively concluded his business association with California, relocating many of his companies out of the state before a December 2025 deadline tied to the wealth tax proposal. This transition, confirmed through public filings analyzed by Business Insider, signifies a noteworthy change in the operational structure of billionaires’ businesses. It’s somewhat ironic, considering that Google has had a reputation for liberal stances—the founders seem to be more cautious when it comes to their own finances.
Page’s family office, known as Corp., transitioned from California to Delaware in late December, as per filings in both jurisdictions. This restructuring included not only the family office but also multiple entities connected to Page’s business interests.
Recently, Brin’s affiliates have terminated or moved 15 California-based limited liability companies that managed different facets of his investments. Seven of these entities transitioned to Nevada-based companies in mid-December, around ten days before Christmas. Among these companies is one that manages the ownership of one of Brin’s superyachts and a civil aviation terminal at San Jose International Airport.
This reorganization appears to follow significant changes made by Page, who has notably reduced his business presence in California. Over 45 California limited liability companies tied to Page have recently filed to cease operations or relocate, as indicated by state records and property deeds. Additionally, a trust linked to him recently acquired a mansion in Miami for $71.9 million.
The timing of these corporate shifts aligns with California contemplating a ballot initiative that would introduce a one-time 5% wealth tax on residents with a net worth exceeding $1 billion. Backed by strong health care unions, the proposal would apply retroactively to all residents as of January 1, granting those affected five years to settle the tax.
Both Brin and Page are among the richest individuals globally, per the Bloomberg Billionaires Index. Larry Page is currently listed as the second richest with an estimated wealth of $279 billion, while Sergey Brin ranks fourth at around $259 billion. Together, their wealth totals approximately $538 billion, making them prime targets under California’s proposed billionaire wealth tax.
The potential outflow of billionaires from California isn’t limited to the Google co-founders. PayPal co-founder Peter Thiel has broadened his investment firm’s operations in Florida by opening an office in Miami. Other billionaires, like David Sachs, have moved from San Francisco to Austin, Texas, while tech investor Chamath Palihapitiya has indicated serious consideration regarding relocating to Texas.
