Maybe Tensh*ts should read his local rag
Larry Page, Larry Ellison move business out as California's proposed ‘billionaire tax' looms
Aidin Vaziri
Wed, January 7, 2026 at 10:25 AM HST 5 min read
In this Nov. 2, 2015, file photo, Alphabet CEO Larry Page speaks at the Fortune Global Forum in San Francisco. Page has taken concrete steps to move key business entities out of California as labor groups race to qualify - but have not yet secured - a proposed wealth tax on billionaires for the ballot. (Jeff Chiu/AP)
Larry Ellison and Larry Page, two of Silicon Valley's most influential figures, have taken concrete steps to move key business entities out of California as labor groups race to qualify - but have not yet secured - a proposed wealth tax on billionaires for the ballot.
Meanwhile, Nvidia's chief executive, Jensen Huang, has struck a notably different tone, saying he is "perfectly fine" with the potential levy and plans to remain in the state.
Recent filings reviewed by Business Insider show that Page, the Google co-founder and one of the world's richest people, shifted several businesses out of California ahead of an end-of-year residency deadline tied to the proposal.
His family office, Koop, was converted out of the state and incorporated in Delaware in late December, along with other entities tied to research, aviation and real estate ventures. Some now list principal addresses in Florida, Texas or Nevada.
A source close to Page told Business Insider he has already left California, though it remains unclear whether the move is permanent. The New York Times previously reported that Page had told associates he was considering relocating to Florida.
Larry Ellison, chairman and chief technology officer of Oracle, sits in the Oval Office of the White House as President Donald Trump signs an executive order, Feb. 3, 2025. Ellison has taken concrete steps to move key business entities out of California as labor groups race to qualify - but have not yet secured - a proposed wealth tax on billionaires for the ballot. (Evan Vucci/Associated Press)
Ellison, the founder and chief technology officer of Oracle, has also signaled a pullback. In December, he quietly sold his longtime Pacific Heights mansion in San Francisco for about $45 million in an off-market deal, according to multiple media reports.
Ellison moved his primary residence to the Hawaiian island of Lanai in 2020 and maintains significant properties in Florida and other states.
The proposed measure, backed by the Service Employees International Union–United Healthcare Workers West, would impose a one-time 5% tax on California residents with net worths exceeding $1 billion, payable over five years.
For now, the measure remains a signature-gathering effort, not a policy California voters are being asked to decide. Proponents must collect 874,641 valid signatures by late June before it can be considered.
Until then, the proposal remains hypothetical - a distinction that has often been blurred amid heated public debate and warnings of a billionaire exodus.
If it ultimately makes the ballot and is approved by voters in November, it would apply retroactively to individuals who were California residents as of Jan. 1, a provision that has intensified scrutiny of year-end residency changes and corporate filings.
Supporters say the tax could raise roughly $100 billion to help offset anticipated cuts to health care, education and food assistance.
Critics argue it would drive capital and innovation out of the state.
"Every advisor would advise every enterprise that gets big momentum to have key people relocate to another state," venture capitalist Vinod Khosla wrote on X in December.
Nvidia CEO Jensen Huang speaks during a press conference at the Asia-Pacific Economic Cooperation (APEC) CEO summit in Gyeongju, South Korea, Oct. 31, 2025. (Lee Jin-man/Associated Press)
Huang has taken a different view. Asked this week about the proposal, he said he was unconcerned about paying more to stay in California.
"We chose to live in Silicon Valley, and whatever taxes they would like to apply, so be it," Huang told Bloomberg TV. "I have not even thought about it once."
Huang said Nvidia remains rooted in the state even though a 5% levy on his estimated net worth would amount to billions of dollars.
"We work in Silicon Valley because that's where the talent pool is," Huang added.
But several prominent investors have already acted on their perceived concerns around stifled innovation.
Peter Thiel, the billionaire co-founder of PayPal, announced late last year that his private investment firm, Thiel Capital, had opened an office in Miami, deepening ties he has cultivated in Florida for years.
Thiel has maintained a residence there since 2020, and his venture capital firm, Founders Fund, has operated a Miami office since 2021.
David Sacks, a longtime associate of Thiel and a co-founder of Craft Ventures, followed a similar path in December, relocating to Austin and opening a new office while maintaining operations in San Francisco and New York.
Despite repeated claims by some billionaire critics that Democrats are driving the proposal, virtually no elected Democrats have formally endorsed the tax.
California Gov. Gavin Newsom speaks during the 2025 New York Times Dealbook Summit at Jazz at Lincoln Center on Dec. 03, 2025, in New York City. (Michael M. Santiago/TNS)
San Jose Mayor Matt Mahan warned in a lengthy post on X that the measure would push wealthy entrepreneurs out of California and weaken the state's tax base.
"We need a rising economic tide to lift all boats, not a political plan that will sink California's innovation economy," Mahan wrote.
Newsom has echoed similar concerns, saying California must remain competitive with other states and warning that the ultra-wealthy already have the means to relocate.
"You can't isolate yourself from the 49," Newsom said at The New York Times' DealBook conference. "You've gotta be pragmatic about it." |
