Tech Titans Shift Focus Away from California

Larry Page and Sergey Brin, the masterminds behind Google, are loosening their ties to California. These two tech giants, who started Google from a garage in Menlo Park, have seen their company grow into a massive force in the tech world. But now, they are making moves that show they might be looking elsewhere. In December, Sergey Brin made big changes to his business setup. He moved or shut down 15 companies based in California. Seven of these companies, which include those managing his superyacht and a private air terminal, are now under Nevada's jurisdiction. This is a clear sign that he is reducing his presence in California. Larry Page is doing something similar. Over 45 of his companies in California have either become inactive or moved out of the state. Additionally, a trust linked to Page recently bought a luxurious mansion in Miami for a whopping $71. 9 million. This purchase shows that Page is also expanding his interests beyond California.Both Brin and Page have a joint entity that recently moved from California to Nevada. This move comes at a time when California is considering a new tax measure. The measure, proposed by a healthcare union, would impose a one-time tax on residents worth over $1 billion. This tax would be 5% of their assets and would apply retroactively to anyone living in California as of January 1st. The potential wealth tax has already made some California billionaires look elsewhere. Venture capitalist Peter Thiel has opened an office in Miami, and tech investor David Sacks has set up a new office in Austin, Texas. These moves suggest that the wealth tax is making some of California's wealthiest residents think twice about staying. The actions of Brin and Page highlight a broader trend. As California considers new taxes, some of its most prominent residents are exploring other options. This shift could have significant implications for the state's economy and its status as a tech hub. It also raises questions about the future of California's wealthiest residents and their relationship with the state.