The Wealthy Exodus: Sergey Brin and Larry Page Shift Investments Out of California
Sergey Brin and Larry Page, the co-founders of Google, are making strategic moves to reduce their presence in California, where they established their tech empire.
According to a report by The New York Times, Brin has terminated or converted 15 limited liability companies managing his investments into Nevada entities. These LLCs include those overseeing his superyachts and his stake in a private terminal at the San Jose International Airport.
Similarly, Page has seen 45 of his associated LLCs become inactive or relocate out of state. Additionally, a trust linked to Page recently purchased a lavish $71.9 million mansion in Miami.
While Brin and Page still own properties in California, these strategic shifts indicate their efforts to potentially avoid a proposed wealth tax. The proposed ballot measure aims to impose a one-time, 5% tax on individuals with a net worth exceeding $1 billion.
If the measure is approved and applied retroactively to residents as of January 1, it could have significant financial implications for California’s billionaires, prompting some to explore relocation options.
