Larry Page, co-founder of Google, has begun relocating some of his business assets from California to Delaware, according to a report by Business Insider, amid ongoing efforts to introduce a wealth tax in the state. The move involves reincorporating several of Page's business entities, including his family office, Koop; his influenza research company, Flu Lab; his aviation company, Dynatomics; and his flying car startup, One Aero, in Delaware. A source told Business Insider that Page himself is no longer residing in California.

The relocation comes as organizers are working to place a proposed tax on billionaires on the 2026 ballot. The initiative would impose a 0.5% tax on individuals with assets exceeding $1 billion. Page reportedly expressed his intention to leave the state in response to the proposed tax.

Other prominent figures in the tech industry have voiced opposition to the potential wealth tax. David Sacks, Palmer Luckey, and Alexis Ohanian have also spoken out against the ballot initiative. Critics argue that such a tax could incentivize wealthy individuals and businesses to leave California, potentially impacting the state's economy and tax revenue.

The proposed wealth tax aims to address income inequality and generate revenue for public services. Proponents argue that it would help fund essential programs and infrastructure projects. However, opponents contend that it could discourage investment and innovation in the state.

The potential impact of the wealth tax on California's economy remains a subject of debate. Some economists predict a significant outflow of capital and talent, while others believe the impact would be minimal. The outcome of the 2026 ballot initiative will determine the future of the proposed tax and its potential effects on the state's business environment.