Google co-founder Sergey Brin joins California exodus: report
Sergey Brin is cutting some business ties with California, joining Larry Page in stepping away from the state where they launched Google more than two decades ago.
According to The New York Times, days before Christmas, an entity connected to Brin terminated or relocated 15 California limited liability companies (LLCs) out of the state and several were converted into Nevada entities.
In December, more than 45 California LLCs associated with Page filed paperwork to move out of the state or become inactive, and a trust with ties to him recently bought a $71.9 million home in Miami.
The Times also reported that another entity jointly managed by Brin and Page moved out of California and to Nevada on Christmas Eve.
The outlet said the Google co-founders still have homes across the Golden State.
The news comes as supporters of the California Billionaire Tax Act push a proposed statewide ballot initiative that would impose a one-time 5% tax on residents with net worths exceeding $1 billion.
Supporters say the measure would raise billions for healthcare and other public services, while critics warn it could further push wealthy individuals and assets out of the state.
CALIFORNIA WILL REGRET BILLIONAIRE EXODUS, WASHINGTON POST EDITORIAL WARNS
"California has around 200 billionaires who collectively possess an astonishing $2 trillion in wealth. These billionaires pay less than 1.5% of their total wealth in annual taxes, including federal, state, and local taxes, according to leading economic estimates—a small fraction of what ordinary Californians pay," reads a November letter from the initiative’s proponents to California Attorney General Rob Bonta.
The California Billionaire Tax Act website argues the one-time tax would be "barely noticeable," saying billionaire wealth grows by an average of 7.5% a year and would continue to rise even after paying it.
The Service Employees International Union-United Healthcare Workers West, which backs the ballot initiative, said supporters will begin collecting signatures in January after Bonta issued the measure’s official title and summary, clearing the way for it to seek qualification for the November 2026 ballot.