Google founders Larry Page and Sergey Brin quietly began unwinding portions of their financial empires in California in the days leading up to Christmas, according to corporate filings reviewed by The New York Times, as progressive lawmakers consider a proposed billionaire wealth tax. This development confirms our earlier note that California is on an accelerated path toward self-destruction.
Here are the new details from NYT’s report that further confirm our previous reporting:
In the 10 days before Christmas, an entity connected to Mr. Brin, 52, terminated or moved 15 California limited liability companies that oversee some of his business interests and investments out of the state, according to documents seen by The New York Times. Seven of the companies — including those that appear to manage one of Mr. Brin’s superyachts and his interest in a private air terminal at San Jose’s international airport — were converted into Nevada entities.
Mr. Brin is joining Mr. Page, 52, in reducing his California presence. More than 45 California limited liability companies associated with Mr. Page filed documents last month to either become inactive or move out of the state, according to state records. A trust with ties to Mr. Page also purchased a $71.9 million mansion in Miami’s Coconut Grove neighborhood this week, according to a deed seen by The Times.
Another entity jointly managed by Mr. Brin and Mr. Page moved out of California and to Nevada on Christmas Eve, according to a filing seen by The Times.
The shrinking financial footprints of both Google founders in the state (plagued with an continued exodus) coincide with a proposed California ballot initiative backed by the Service Employees International Union-United Healthcare Workers West (S.E.I.U.-U.H.W), which would impose a one-time 5% tax on the assets of residents worth more than $1 billion, applied retroactively to those living in the stateJose’s Jan. 1.
Bill Ackman said it best on X, “California is on a path to self-destruction. Hollywood is already toast, and now the most productive entrepreneurs will leave, taking their tax revenues and job creation elsewhere.”
California is on a path to self-destruction. Hollywood is already toast and now the most productive entrepreneurs will leave taking their tax revenues and job creation elsewhere.
And then the Democrats highlight @CAgovernor Newsom as a great leader. Crazy. https://t.co/bFyLhARrNn
— Bill Ackman (@BillAckman) December 27, 2025
Even Reid Hoffman, co-founder of LinkedIn and a Democratic mega-donor who funds questionable left-wing causes, called out S.E.I.U.-U.H.W’s proposed billionaire tax. He wrote on X that this is a “horrendous idea” that might force tech founders and executives to flee the state.
“The proposed CA wealth tax is badly designed in so many ways that a simple social post cannot cover all of the massive flaws. One well-documented example is the horrendous idea to tax illiquid stock in the proposal. Poorly designed taxes incentivize avoidance, capital flight, and distortions that ultimately raise less revenue,” Hoffman wrote on X earlier this week.
Rep. Khanna reached out to me to discuss the proposed California wealth tax; and while I am against the proposed tax, I’m always open to dialogue with our elected leaders.
The proposed CA wealth tax is badly designed in so many ways that a simple social post cannot cover all of…
— Reid Hoffman (@reidhoffman) January 7, 2026
Elon Musk was among the earliest high-profile billionaires to leave California, citing high taxes and radical left-wing state leadership.
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