This billionaire is gradually severing legal ties with California.
According to Business Insider, Google co-founder Larry Page has movedaseries of legal entities and assets that could subject him to a newwealthtaxproposed by California, completing this before the 2025 deadline. Page’s family office, Koop, terminated its legal status in California inlateDecember and re-established in Delaware. Many other entities were alsomoved to Delaware, including Flu Lab LLC (a fund Page uses to sponsor fluprevention research), headquartered in Nevada, and One Aero (a unit funding”flying car” projects), with a primary address in Florida.
(Larry Page of icially moves business operations out of California aheadof
billionaire tax proposal)
Page founded Dynatomics in 2023 to develop AI application technologyinaviation manufacturing. A source said the Dynatomics teamstill works inCalifornia.
Billionaire wealth tax causes capital flight
The New York Times previously reported that Page shared with some peoplethat he was considering moving to Florida due to the appearance of abillionaire tax proposal in California. If passed, every California resident withassets over $1 billion would have to pay a 5% tax on their total asset value. According to the state’s residency laws, determining residency is basedonactual ties to California, including time spent living there and businessconnections. If the bill is passed in November, the tax will apply retroactivelyfrom January 1, 2026.
A source said Page has left California, but it is unclear if this moveistemporary or permanent. Page is currently the second richest person intheworld, according to the Bloomberg Billionaires Index.
Restructuring a series of assets, from charity funds to private islands
In addition to the family office and investment funds, Page also moved anLLCpreviously identified by Business Insider as used to buy islands in PuertoRicoand the Virgin Islands to Delaware, with an address in Florida. Another LLCused to buy an island in Fiji was also re-established in Delaware. The marine conservation organization Oceankind belonging to his wife, scientist Lucinda Southworth, also moved out of California in December. Delaware is a popular destination for businesses thanks to its favorable taxstructure, high privacy regulations, and a court system specialized in businessdisputes. This state does not require disclosing the identity of managingdirectors when registering an LLC, fitting the level of privacy Page has alwaysmaintained. Lawyer Cristina Rosado, who manages many assets for the Page couple, signedmost of the filings in California. Additionally, records show at least 3 legal entities were established in Floridain 2025. Business Insider noted an entity named Koop LLC registered hereinJanuary 2025, but could not confirm the owner.
Controversy surrounding the billionaire tax proposal
The tax proposal in California is causing much debate within the techandpolitical spheres. On X, investor Vinod Khosla argued that this measure wouldcause the state to lose revenue and weaken the innovation economy. SanJoseMayor Matt Mahan assessed this as “a political scheme that will sinkCalifornia’s innovation economy.” David Sacks, the White House’s “AI czar” and a venture capitalist, arguedthat
the billionaire tax would backfire. He predicts Miami and Austin will surpassNew York and San Francisco to become centers of finance and technology. Sacks said his company, Craft Ventures, has opened a new office in Austin. Last month, prominent lawyer Alex Spiro sent a letter to Governor GavinNewsom warning that the billionaire tax would “trigger a flight of capital andinnovation” from California.
AccordingtoBI