Google's co-founders might be departing from California

Google Co-Founders Shift Assets Away from California

Sergey Brin and Larry Page, the minds behind Google's creation, seem to be scaling back their ties to California.

According to The New York Times, December saw 15 limited liability companies connected to Brin’s investments either dissolved or restructured as Nevada-based entities. These companies include those responsible for managing his superyacht and his stake in a private terminal at San Jose International Airport.

In a similar move, 45 LLCs linked to Page have either been deactivated or relocated out of California. Additionally, a trust associated with Page recently purchased a $71.9 million luxury home in Miami, as reported by the NYT.

While both Brin and Page continue to own residences in California, these recent actions indicate that they may be seeking to avoid a proposed ballot initiative that would introduce a one-time 5% tax on individuals with assets exceeding $1 billion.

If this measure is approved by voters in November, it would retroactively impact anyone who was a California resident as of January 1 of this year.