Overview
- Documents cited in reporting show an entity tied to Brin terminated or moved 15 California LLCs in the 10 days before Christmas, with seven converted to Nevada companies.
- Larry Page previously shrank his California footprint, including more than 45 LLCs inactivated or moved and a trust purchase of a $71.9 million Miami mansion.
- The proposed ballot initiative would levy a one-time 5% tax on net worth above $1 billion for those who were residents on Jan. 1, with five years to pay.
- Relocations and re-registrations continue among high-profile figures, including a Miami office for Peter Thiel’s firm, an Austin office for David Sacks’ firm, and a move to Tennessee by In-N-Out’s Lynsi Snyder.
- Reactions in tech are split, with Nvidia’s Jensen Huang saying he is perfectly fine with the proposal while others criticize the design, and individual claims describe billionaire departures and large sums of wealth moving out of state.