Google co-founder Larry Page is reportedly relocating significant business assets and reincorporating several entities out of California, a move prompted by the state's proposed wealth tax on billionaires. According to Business Insider, this strategic shift comes as organizers push to include the controversial tax initiative on the 2026 ballot.
Page has begun the process of reincorporating various business entities in Delaware, a state often favored for its corporate laws. These entities include:
- His family office, Koop
- His influenza research company, Flu Lab
- His aviation company, Dynatomics
- His flying car startup, One Aero
Beyond his business interests, Page himself is reportedly no longer residing in California, a detail also shared by a source with Business Insider. This personal relocation follows earlier reports, including one by The New York Times, indicating the billionaire's intention to leave the state amidst discussions of the proposed tax.
The ballot initiative aims to impose a 5% tax on individuals with assets valued at $1 billion or more. The prospect of this wealth tax has drawn criticism from several prominent business leaders. Among those who have publicly voiced their opposition to the proposal are David Sacks, Palmer Luckey, and Alexis Ohanian, as reported by Business Insider.
