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 efforts to place a proposed wealth tax on the 2026 California ballot. 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 push for a ballot initiative that 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. The potential tax, aimed at addressing wealth inequality and funding public services, has drawn criticism from several high-profile figures in the tech industry.

Other prominent individuals who have voiced opposition to the proposed wealth tax include David Sacks, Palmer Luckey, and Alexis Ohanian. Critics argue that such a tax could incentivize wealthy individuals and businesses to leave California, potentially impacting the state's economy and tax revenue. They contend that the tax could lead to capital flight and discourage investment in the state.

The proposed tax is still in the early stages of development and faces significant hurdles before it can be placed on the ballot. Supporters of the initiative argue that it is a necessary step to address wealth inequality and generate revenue for essential public services. The debate surrounding the wealth tax highlights the ongoing tension between attracting and retaining high-net-worth individuals and addressing societal needs through taxation. The outcome of the proposed ballot initiative could have significant implications for California's economy and its attractiveness as a business hub.