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 valued at $1 billion or more. 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. The proposed tax has sparked debate about its potential impact on California's economy and its attractiveness to high-net-worth individuals and businesses.

The reincorporation of Page's companies in Delaware could offer certain advantages, such as a more favorable corporate tax structure and a business-friendly legal environment. Delaware is known for its established corporate law and specialized court system, the Court of Chancery, which handles corporate disputes.

The potential departure of high-profile individuals and businesses from California raises concerns about the state's long-term economic competitiveness. While the proposed wealth tax aims to address income inequality and fund public services, critics argue that it could incentivize wealthy individuals and companies to leave the state, potentially reducing the overall tax base. The implications of the proposed tax and the reactions from prominent figures like Page are likely to continue to be a subject of discussion as the 2026 ballot initiative approaches.