Google co-founder Larry Page has reincorporated his family office and other organisations in Delaware and bought two Miami estates for $173.4m, likely saving about $15bn in California wealth tax. He is one of several billionaires to leave the state as voters consider Prop 40.
01Summary
- 01Californians vote on 3 November on ballot measure Prop 40, which would impose a one-time 5% wealth tax on billionaires resident on 1 January 2026.
- 02Larry Page, worth $292bn, would have owed nearly $15bn had he remained a California resident.
- 03In late December, Page's family office Koop and entities including Flu Lab LLC and Oceankind were reincorporated in Delaware.
- 04Page bought two Miami properties for a combined $173.4m, including a $101.5m home in Coconut Grove, the most expensive US sale in December 2025.
- 05Page, Sergey Brin, Peter Thiel and Travis Kalanick alone would have owed about $29bn, over a quarter of Prop 40's projected $100bn.
02Why it matters
The exodus of ultra-wealthy individuals from high-tax states like California could reduce the revenue raised by new wealth taxes, affecting public services that depend on those funds.
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