Google co-founders Sergey Brin and Larry Page appear to be reducing their presence in California, potentially signaling a shift in the state's appeal to ultra-high-net-worth individuals.
In December, Brin terminated or converted 15 limited liability companies (LLCs) overseeing his investments and interests into Nevada entities, according to The New York Times. These LLCs managed assets including one of his superyachts and his interest in a private terminal at the San Jose International Airport. Similarly, 45 LLCs associated with Page have recently become inactive or moved out of state. Further fueling speculation, a trust associated with Page recently purchased a $71.9 million mansion in Miami.
These moves come amid a prospective California ballot measure that would impose a one-time, 5% tax on individuals worth more than $1 billion. If passed in November, the tax would be applied retroactively to anyone residing in the state as of January 1 of this year. While both Brin and Page still own homes in California, the restructuring of their assets suggests a potential effort to mitigate the impact of this proposed tax.
The departure, or at least partial relocation, of such prominent figures could have broader implications for California's economy. High-net-worth individuals contribute significantly to the state's tax base and often invest heavily in local businesses and philanthropic endeavors. Their exit could lead to a decrease in tax revenue and a potential slowdown in economic activity.
Google, now a subsidiary of Alphabet Inc., revolutionized the search engine market and expanded into diverse areas such as artificial intelligence, cloud computing, and autonomous vehicles. The company's success has been intrinsically linked to Silicon Valley's innovative ecosystem.
Looking ahead, the potential exodus of billionaires like Brin and Page could prompt other wealthy individuals and companies to reconsider their presence in California. This could lead to a shift in investment and innovation away from the state, potentially impacting its long-term economic competitiveness. The outcome of the proposed tax measure will likely play a significant role in shaping the future of California's relationship with its wealthiest residents.
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