Sergey Brin joins fellow Google co-founder Larry Page in cutting California ties ahead of threatened billionaire tax: report

Sergey Brin and Larry Page Shifting Business Interests Away from California

It has been reported that Sergey Brin, the co-founder of Google, is reducing his ties to California, following in the footsteps of fellow billionaire Larry Page, amidst discussions of a potential wealth tax in the state. Documents reviewed by The New York Times revealed that Brin has terminated or relocated 15 California limited liability companies associated with his business interests and investments.

Seven of these entities, including those managing Brin’s super-yachts and his stake in a private air terminal at San Jose’s international airport, were converted into Nevada companies just before Christmas. Brin’s actions mirror those of Larry Page, who has significantly decreased his California footprint.

Google, founded by Page and Brin in 1998, has become a global tech giant worth nearly $4 trillion. The duo, among the richest individuals globally, are potential targets of California’s proposed billionaire wealth tax, which has prompted other prominent billionaires to consider relocating.

Peter Thiel, David Sacks, and Chamath Palihapitiya are among those who have either relocated or are contemplating moving to states like Florida and Texas. Wealth manager Divesh Makan suggested that up to 20 billionaire families could leave California if the tax is implemented, which would have a significant impact on the state’s tax base.

As the debate over the wealth tax continues, the tech industry’s elite are making strategic decisions to navigate potential financial implications, showcasing a shifting landscape in Silicon Valley.