Billionaire exodus warnings are growing louder as prominent business leaders continue leaving California amid looming tax proposals set to take effect in 2026. As Google co-founder Larry Page and Oracle founder Larry Ellison take steps to reduce their California footprints, a Silicon Valley insider says the pace of departures is poised to increase sharply.
Tech entrepreneur and investor Allison Huynh told Fox News Digital that two proposed taxes—a new annual wealth tax and the 2026 Billionaire Tax Act—are pushing investors to act now. Huynh said the proposals would spark a “mass migration,” affecting “not just the billionaires, but the people who are investing in new ideas, in new infrastructure, whether it’s AI, healthcare, tech, robotics.”
Public filings reviewed by Fox News Digital show entities tied to Page were moved out of California in December, ahead of the Jan. 1, 2026, residency threshold. Those filings list Florida as the new base for ventures previously registered in California. Ellison has also reportedly reduced his California presence, signaling a broader trend among high-net-worth individuals.
Huynh compared the state’s tax strategy to a failing business. “Instead of lowering the price, they increase the price,” she said. “And then you go into the restaurant, and it’s like $50 for a bowl of really bad dumplings.”
The proposed annual wealth tax would apply a 1% to 1.5% levy on assets over $50 million, including non-liquid holdings. The 2026 Billionaire Tax Act would impose a one-time 5% tax on assets above $1 billion. Huynh warned that founders with little cash on hand could still face massive tax bills.
According to Huynh, business leaders are not waiting. “They’re not going to want to be in California,” she said. “This is a very, very dangerous move.” The Billionaire exodus, she argued, could carry jobs and innovation out of the state.
