Billionaire Larry Page is leaving California.
The Google co-founder has severed ties between California and many of his assets, which risked exposing him to the state's proposed new wealth tax, which is set to expire at the end of 2025, according to documents reviewed by Business Insider.
Page Family Office, Koopwas converted from California in late December and incorporated in Delaware, according to documents filed in both states. Page converted several other companies to Delaware, including Flu Lab LLC, a company he used to fund influenza research and listed its main office address in Nevada, and another company called One Aero, which financed his flying car ventures and listed its main office address in Florida.
An application was also filed to transfer Dynatomics, LLC from California to Delaware with a new principal address in Keller, Texas. Page launched Dynatomicsa new startup focused on applying artificial intelligence to the aircraft industry in 2023, Business Insider previously reported. A source close to Page said the team, led by Chris Anderson, continues to operate out of California.
Anderson and representatives from Page's family office did not respond to requests for comment.
New York Times In December, it was reported that Page told People he was considering moving to Florida due to a proposed ballot measure that tax the state's wealthiest residents. If successful, the proposal would mean that any California resident with a net worth of more than $1 billion would be subject to a 5% tax on their assets.
Under California law, domicile is determined by the nature of a person's ties to the state, taking into account factors such as time spent in the state and the maintenance of significant business connections. If the ballot measure is approved in November, it would take effect retroactively for California residents to January 1, 2026.
A source close to Page said the Google co-founder has already left the state. It could not be determined whether Page's move is temporary.
According to the Bloomberg Billionaires ranking, Page is the second richest person in the world.
The Page family is converting other businesses to Delaware.
In addition to his family office and financial instruments, Page converted an LLC that, according to Business Insider, was previously used for buying islands in Puerto Rico And Virgin Islandsfrom California to Delaware, with a new address listed in Florida.
Separate LLC page used for purchasing fiji islands was also converted to Delaware.
Page's wife, scientist Lucinda Southworth, founded the marine conservation charity Oceankind. Documents show Oceankind moved from California to Delaware in December.
Delaware has become a popular state for incorporating a business due to its favorable tax structure, privacy, and court system specifically designed to resolve corporate disputes. The state does not require LLCs to disclose the names and addresses of directors upon registration, giving them an additional level of privacy.
Confidentiality is especially important for Paige, whose family office shrouded in a level of secrecy unprecedented for most and carefully controlled by its CEO, Wayne Osborne.
Cristina Rosado, an attorney who manages many of Page and Southworth's assets, signed several documents in California.
As The New York Times previously reported, Page registered three companies in Florida last year. Koop LLC was incorporated in Florida in January 2025, according to documents reviewed by Business Insider. It could not be confirmed whether it belongs to Page.
California Billionaires Tax Proposal
A tax proposal for California billionaires has met some opposition from venture capital and political leaders. In a December post on X, venture capitalist Vinod Khosla said the proposed measure would mean California would lose its most important taxpayers and “do much worse.”
“There will be long-term damage if the legislature does not ban wealth taxes,” he added. “It is easier to equalize taxes on labor income and capital gains at the national level.
Matt Mahan, the Democratic mayor of San Jose, California, on Monday called the tax “a political plan that will sink California's innovation economy.”
White House AI Czar David Sachs criticized the proposal and said it would backfire. He also said that he believes Miami and Austin will overtake New York and San Francisco in finance and technology, respectively. This month, he announced that his venture capital firm, Craft Ventures, has opened an office in Austin.
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