Billionaires make strategic moves out of California ahead of proposed wealth tax
As the clock ticks on California’s billionaires facing a proposed wealth tax, some of America’s top business leaders are making strategic moves to leave the Golden State.
Google co-founder Larry Page appears to be distancing himself from California, as public filings reviewed by Fox News Digital from the California Secretary of State’s office show several business entities linked to Page were moved out of the state in December, ahead of the Jan. 1, 2026, residency date tied to the proposed tax. Those filings indicate his family office, Koop LLC, and his influenza research fund, Flu Lab LLC, no longer list California, while a flying-car venture, One Aero, now lists its primary address in Florida.
Oracle founder Larry Ellison has taken steps that signal a potential pullback from California, though details of a reported $45 million off-market sale of his San Francisco home have not been independently confirmed by major outlets. The New York Post reported the sale and said it would mark the city’s largest real estate transaction of 2025.
While the initiative has not yet qualified for the November 2026 ballot, the proposal — backed by the Service Employees International Union–United Healthcare Workers West — would impose a one-time 5% tax on the net worth of California residents worth more than $1 billion. The tax would be due in 2027, and taxpayers could spread payments over five years, with additional costs, according to the Legislative Analyst’s Office.
The financial costs would vary. For example, Ellison could be forced to hand over roughly $9.6 billion from his estimated $192 billion net worth, according to Forbes data. Page would owe about $7.2 billion based on his estimated $144 billion valuation. LAO says real estate, pensions and retirement accounts would be excluded from the tax.
If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal.
In practical terms, a resident with $20 billion in net worth on that date would owe a one-time tax of $1 billion, payable over five years.
"Really, this ‘Chicken Little’ argument that people are going to flee because of attacks — when we look at real-world examples and experiences across the country — none of that ever pans out," SEIU–United Healthcare Workers West Chief of Staff Suzanne Jimenez previously told Fox News.
"People are awake now. And so, yeah, in the past, maybe there are some real world examples where they say, you know, 'I'll pay a little bit more, etc.' But in this case, now people know that their money is going towards fraud," California chef and restaurateur Andrew Gruel rebutted on "Fox News @ Night." "Nobody wants to spend this money in taxes anymore, because it's just a complete waste of money. So they will leave – and they are leaving."
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One billionaire who’s not leaving the Golden State is Nvidia CEO Jensen Huang, who told Bloomberg he’s not worried about paying up.
"We chose to live in Silicon Valley and whatever taxes, I guess, they would like to apply, so be it," Huang said Tuesday. "I’m perfectly fine with it. It never crossed my mind once."
FOX Business' Amanda Macias contributed to this report.