Google cofounder Larry Page leaves California, the state that has been his home for years, with family: Here’s what filing reveals

Google cofounder Larry Page has shifted key business entities, including his family office, out of California to Delaware, Nevada, and Florida. This move precedes a potential state wealth tax, which could cost him billions. Other tech titans are also exploring exits, citing tax and privacy advantages offered by states like Delaware.

Google cofounder Larry Page has severed his business connections with California, ending a decades-long relationship with the state that helped birth his tech empire. The billionaire moved several key business entities out of California by late December 2025, according to filings reviewed by Business Insider, beating a critical year-end deadline tied to the state’s proposed wealth tax.Page converted his family office, Koop, from California to Delaware incorporation in late December, Business Insider reported. Several other entities followed suit, including Flu Lab LLC—which funds his influenza research—and One Aero, his flying car venture. Both now list principal addresses outside California, in Nevada and Florida respectively. A source close to Page confirmed to Business Insider that the Google cofounder had already left the state, though whether the move is permanent remains unclear.

California’s billionaire tax sparks tech exodus

The mass restructuring comes as California debates a controversial ballot measure that would impose a one-time 5% tax on residents worth over $1 billion. If voters approve the measure in November 2026, it would apply retroactively to anyone living in California as of January 1, 2026. For Page—currently ranked the second-richest person globally by Bloomberg’s Billionaires Index—that could mean a tax bill exceeding $12 billion.The New York Times reported in December that Page told associates he was considering relocating to Florida specifically because of this proposal. He’s not alone in his concerns. Fellow tech billionaire Peter Thiel has opened a Miami office for his investment firm, Thiel Capital, while venture capitalist David Sacks launched operations in Austin, Texas.The proposed tax, backed by healthcare union SEIU-United Healthcare Workers West, aims to raise $100 billion over five years from California’s approximately 200 billionaires. Supporters argue the revenue would offset anticipated federal budget cuts to healthcare, education, and food assistance programs.

Privacy and business advantages drive Delaware shift

Beyond tax concerns, Delaware offers significant advantages for wealthy individuals seeking privacy. The state doesn’t require LLCs to disclose directors’ names and addresses when incorporating, providing an extra layer of anonymity—something particularly valued by Page, whose family office operates under exceptional secrecy managed by CEO Wayne Osborne.Page also converted LLCs previously used to purchase islands in Puerto Rico, the Virgin Islands, and Fiji from California to Delaware. Even his wife Lucinda Southworth’s marine conservation charity, Oceankind, made the switch in December.California Governor Gavin Newsom has opposed the wealth tax proposal, warning it would trigger an exodus of the state’s wealthiest residents. The ballot measure still needs 870,000 signatures to qualify for November’s vote. However, billionaires aren’t waiting to see if it passes—they’re protecting their assets now and potentially bidding Silicon Valley goodbye.