Overview
- Sergey Brin terminated or moved 15 California LLCs in late December, seven converted to Nevada, while Larry Page moved more than 45 entities and a trust bought a $71.9 million Miami mansion.
- Business filings show a Page–Brin entity and Page’s family office converted out of California to Delaware near year-end, positioning before the proposal’s residency cutoff.
- Peter Thiel opened a Miami office for Thiel Capital and David Sacks opened a Craft Ventures office in Austin, steps tied to the prospective levy on billionaire wealth.
- The proposal would levy a one-time 5% tax on residents worth $1 billion or more as of Jan. 1, 2026, with taxes due in 2027 and an option to pay over five years, as sponsors collect roughly 875,000 signatures to qualify for the November ballot.
- Supporters project about $100 billion in revenue and say most billionaires stayed past the deadline, while Gov. Gavin Newsom and several tech leaders oppose the plan and a $1 trillion wealth-flight claim promoted by Chamath Palihapitiya remains unverified.