As California weighs a controversial proposal to tax its wealthiest residents, some of Silicon Valley’s most influential figures are already adjusting their plans.
Google co-founders Sergey Brin and Larry Page have quietly moved a company linked to their personal wealth out of California, finalizing the change just days before the end of 2025. According to filings reviewed by Business Insider, an entity known as T-Rex LLC, which had been managed from Palo Alto since 2006, was converted into a Delaware-based company called T-Rex Holdings on December 24, 2025. The new documents list Reno, Nevada, as the company’s main office, though Brin and Page continue to serve as its managers.
The timing is notable. California lawmakers are considering a one-time 5% wealth tax on billionaires, a measure expected to appear on the ballot in November 2026. If approved, the tax would apply retroactively to anyone considered a California resident as of January 1, 2026. Legal advisers to ultra-wealthy clients have already cautioned Governor Gavin Newsom that such a move could trigger an “exodus of capital and innovation” from the state.
Larry Page Has Already Begun Pulling Back
This isn’t the first sign of retreat. Earlier reports revealed that Larry Page had shifted his family office out of California by converting it into a Delaware entity. He has also registered several other ventures in Delaware, including projects focused on influenza research and futuristic transportation, such as flying cars.
Sergey Brin, meanwhile, appears to be taking a more measured approach. He remains connected to California through organizations like the Sergey Brin Family Foundation and Bayshore Global Management, and public records do not show additional exits tied directly to him—for now.
Brin and Page, who co-founded Google in 1998, are among the wealthiest individuals on the planet. According to the Bloomberg Billionaires Index, Page ranks as the world’s second-richest person and Brin fourth, with each holding fortunes exceeding $250 billion.
Growing Pushback From the Tech Community
Opposition to California’s proposed wealth tax isn’t limited to Brin and Page. LinkedIn co-founder Reid Hoffman has also spoken out forcefully against the plan, calling it deeply flawed and potentially harmful to innovation.
In a post on X (formerly Twitter), Hoffman described the proposal as “badly designed,” warning that it could create unintended consequences. He shared that Representative Ro Khanna had contacted him to discuss the tax, but Hoffman made his objections clear—particularly around the idea of taxing illiquid assets like privately held stock.
“One well-documented example is the horrendous idea to tax illiquid stock in the proposal,” Hoffman wrote. “Poorly designed taxes incentivize avoidance, capital flight, and distortions that ultimately raise less revenue.”
As California debates how to fund public services while addressing economic inequality, the actions and warnings from some of the state’s most prominent tech leaders highlight a growing tension—between the desire to tax extreme wealth and the risk of driving it elsewhere.
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