Google cofounder Sergey Brin is reportedly restructuring multiple business entities to reduce his footprint in California, echoing a similar strategy undertaken by fellow cofounder Larry Page. The moves come as California voters prepare to decide on a proposed wealth tax that would levy a one-time five percent tax on residents with a net worth over $1 billion.
Insiders say Brin’s reorganization involved terminating or relocating several California limited liability companies tied to his business interests. Roughly a dozen entities were reportedly shifted to Nevada, including those linked to assets such as a super-yacht and a private air terminal near San Jose. The goal appears to be minimizing exposure to the state’s emerging tax regime.
Page has already taken even more extensive steps in recent months. Records indicate more than 45 of Page’s California limited liability companies were converted, deactivated, or moved out of state. A trust tied to Page also purchased a mansion in Miami’s Coconut Grove neighborhood, underscoring his personal ties outside California.
Both Brin and Page rank among the wealthiest individuals on the planet, with combined net worths that would make them significant targets under the proposed wealth tax. Their restructuring comes amid broader billionaire reactions to the initiative, which if approved would apply retroactively and give taxpayers five years to satisfy any assessment.
Brin and Page are not the only tech billionaires adjusting their ties to the Golden State. PayPal cofounder Peter Thiel has expanded his presence in Miami, while billionaire investor David Sacks relocated from San Francisco to Austin, Texas. Tech investor Chamath Palihapitiya has indicated he is seriously considering a move to Texas as well.
Critics of the proposed wealth tax argue it would accelerate an ongoing exodus of capital and talent from California, while proponents claim it could fund public services and address income inequality. With the ballot initiative set for a vote, the strategic restructuring by major billionaires signals the high stakes involved for ultra-wealthy residents.
