Two of the most famous tech leaders in history, Google cofounders Larry Page and Sergey Brin, are preparing to leave California as the state moves closer to approving a sweeping billionaire wealth tax. The proposal would take a one time 5 percent cut of the net worth of anyone worth more than $1 billion. For Page and Brin, that would mean writing checks worth more than $25 billion combined.
That threat has already triggered a quiet but powerful exit from the Golden State. Page has bought more than $170 million in luxury homes in Miami, while Brin has moved business entities out of California and into Nevada and other states. The message from the founders of Google is clear. If California goes after their fortunes, they will go elsewhere.
California to Vote on the Billionaire tTx
The proposed tax would apply to any California resident worth more than $1 billion. It is designed as a one time 5 percent levy on total net worth, not income. That means stocks, private company shares, cash, and other assets would be counted. Real estate, pensions, and retirement accounts would be excluded under the current proposal.
If someone had a net worth of $20 billion on the cutoff date, they would owe $1 billion. The tax would be paid over five years. The key trigger is residency. Anyone who is a California resident on January 1, 2026 would be locked in and would owe the tax even if they moved later.
The tax is being pushed by the labor union Service Employees International Union United Healthcare Workers West. To qualify for the November 2026 ballot, supporters must collect 874,641 signatures from voters. If that threshold is met, Californians will vote directly on the tax.
This is what makes the plan so dangerous to billionaires. It bypasses the legislature and goes straight to voters, who are angry about inequality, rising healthcare costs, and a state budget under pressure.
How much money it would raise
Supporters estimate the tax would raise about $100 billion over five years from roughly 200 to 250 billionaires in California. That money would be used to fund healthcare, education, and food assistance programs, especially as federal support in those areas is expected to shrink.
Larry Page alone would owe more than $12 billion based on his current net worth. Sergey Brin would owe about $12 billion. Peter Thiel would owe around $1.3 billion. Nvidia CEO Jensen Huang would owe about $7 billion.
Why Page and Brin are leaving
Larry Page has already taken concrete steps to leave California. Companies connected to him have been incorporated in Florida. His family office and medical research groups no longer list California as their home. He has also purchased two massive homes in Miami for about $173 million.
Sergey Brin has quietly moved more than a dozen companies out of California. Some were shifted to Nevada. He has not made a public announcement, but the business moves show he is preparing to change residency.
The New York Times reported that Page told associates he was considering Florida specifically because of the billionaire tax.
Page is heading to Miami, Florida, one of the most popular destinations for wealthy Americans escaping high tax states. He has bought two luxury properties there, giving him a base to establish Florida residency.
Peter Thiel has also focused on Miami. His firm Thiel Capital opened an office there, and he has maintained a personal home in the city for years.
David Sacks, a venture capitalist and Donald Trump’s AI and crypto adviser, has moved to Texas and publicly celebrated his relocation with a Texas flag post.
Other billionaires joining the exit
The billionaire flight is not limited to Google.
— Elon Musk left California for Texas in 2020 and moved Tesla and SpaceX operations there.
— Joe Lonsdale of Palantir moved to Austin.
— Larry Ellison moved Oracle out of California and has sold or is selling California property while building massive estates in Florida and Tennessee.
— Michael Dell has long lived in Texas.
— David Sacks has moved to Austin.
— Peter Thiel is expanding in Miami.
Together, these moves represent a major shift in where America’s tech and finance elite are choosing to live.
Many investors argue the tax is badly designed. LinkedIn cofounder Reid Hoffman said the proposal has massive flaws and warned that taxing illiquid stock is a horrendous idea. He wrote that poorly designed taxes encourage avoidance, capital flight, and distortions that ultimately raise less revenue.
Venture capitalist Chamath Palihapitiya warned that without billionaires, California’s budget deficit will only get bigger. Vinod Khosla said the state would lose its most important taxpayers and end up worse off.
On a popular tech podcast, David Sacks called the tax an asset seizure. Others warned it could lead to government tracking of personal property, even though no such proposal exists.
Supporters argue the current tax system is unfair. Suzanne Jimenez of SEIU United Healthcare Workers West said regular working people pay higher effective tax rates than the wealthiest Americans. She said asking billionaires to contribute more is reasonable, especially to protect healthcare systems.
Congressman Ro Khanna supports the idea, saying a billionaire tax would help reduce inequality and fund healthcare. When Peter Thiel threatened to leave, Khanna responded with a quote from Franklin Roosevelt, saying he would miss them very much.
Not every billionaire is running.
Nvidia CEO Jensen Huang said he is perfectly fine with the tax. Even though it could cost him more than $7 billion, he said Silicon Valley is where the engineers are and where innovation happens. He said he is focused on building the future of AI, not avoiding taxes.
The risk to California
California Governor Gavin Newsom opposes the tax, warning that a state only wealth tax creates a race to the bottom as billionaires move to other states. San Jose Mayor Matt Mahan said the tax could put California’s innovation economy at risk by pushing away the people who fund startups and create jobs.
If too many billionaires leave before January 1, 2026, the tax could raise far less than expected, making it backfire.
Larry Page and Sergey Brin are not waiting to see how it turns out. They are already moving their money, their companies, and their homes. Whether California keeps its billionaire class or drives it away will be decided in the next few months.
