Google cofounder Larry Page richest to exit California: $100bn revenue target at risk
Google co-founder Larry Page has moved his residency and business entities out of California to avoid a proposed 5% wealth tax on billionaires. This departure is expected to impact California's tax revenue projections as the state considers the new fiscal measure.
Why it matters
It illustrates the tension between state-level wealth taxation policies and the mobility of ultra-high-net-worth individuals in the tech sector.
With Californians set to vote in just a few weeks on Proposition 40 – a measure proposing a one-time 5% wealth tax on the state's billionaires – Google co-founder Larry Page has emerged as the wealthiest tech titan to sever ties with the state should the measure pass. His departure is likely to deal a significant blow to California's revenue projections as he will be the richest techie to leave the state. The initiative specifically targets billionaires who were state residents as of January 1, 2026. While a few prominent executives, such as Nvidia CEO Jensen Huang, have stated they are "perfectly fine" with the proposal, multiple ultra-wealthy residents chose to exit before the January deadline.Chief among them is the 53-year-old Page.
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