Google Founders Move Millions Out of California Ahead of Wealth Tax Vote
Published: 2026/01/08 20:49:17
google co-founders Sergey Brin and Larry Page have taken steps too relocate key business entities out of California before the end of 2025, a move widely interpreted as a response to a proposed wealth tax targeting the state’s wealthiest residents. This strategic shift highlights the growing tension between high-net-worth individuals and states seeking to increase revenue through progressive taxation.
The Exodus Begins: T-Rex LLC and Family Offices
T-Rex LLC, a company formed in 2006 and linked to both Brin and Page, officially converted its status from a California-based entity to a delaware LLC – T-Rex Holdings – on december 24, 2025. This conversion involved a change of principal office address from Palo Alto, California, to Reno, Nevada, according to filings reviewed by Business Insider [1].
This move follows a similar action by Larry Page, who also shifted his family office out of California and incorporated it in Delaware in late december. He has also established other Delaware-based entities for ventures like influenza research and “flying car” projects [1].
The purpose of T-Rex LLC remains somewhat opaque,described in filings simply as a “management company.” Like many ultra-high-net-worth individuals, brin and Page frequently utilize LLCs for asset management and investment purposes, often with limited public disclosure. Some speculate the name is a playful nod to “Stan,” the T. rex skeleton displayed at Google’s headquarters [1].
Currently, Brin maintains other entities in California, including the Sergey Brin Family Foundation and Bayshore Global Management, his family office. However, the recent move of T-Rex LLC signals a clear intention to mitigate potential tax liabilities.
The Looming wealth Tax and the California Exodus
The catalyst for these relocations is a proposed ballot measure in California that would impose a one-time 5% tax on residents with assets exceeding $1 billion. if approved by voters in November, the tax would be applied retroactively to January 1, 2026, incentivizing wealthy individuals to establish residency outside of California before the end of 2025 [1].
The proposed tax aims to address a important multibillion-dollar budget deficit facing the state. However, it has sparked considerable controversy, with opponents arguing it will drive capital and innovation away from California.
A letter from attorney Alex Spiro to Governor Gavin Newsom, obtained by Business Insider, warned that the tax would “trigger an exodus of capital and innovation from California,” and that his clients were prepared to relocate permanently if the measure passed [1].
broader Implications and Future Outlook
The actions of Brin and Page are not isolated incidents.They reflect a broader trend of wealthy individuals and businesses reconsidering their ties to high-tax states. California’s proposed wealth tax is part of a growing national conversation about wealth inequality and the role of taxation in addressing it.
While the long-term effects of the proposed tax remain to be seen, the immediate impact is a demonstrable shift in where some of the world’s wealthiest individuals choose to reside and conduct their business.
Currently, Page and Brin rank as the second and fourth richest people globally, with net worths exceeding $250 billion each. Their decisions carry significant weight and are likely to influence others in similar financial positions.
The situation highlights the complex interplay between state fiscal policy, wealth concentration, and the mobility of capital in the 21st century. As other states consider similar wealth taxes, the actions of Brin and Page will undoubtedly serve as a case study for the potential consequences.
