Larry Page, the Google cofounder worth $292 billion, moved his family office and related entities out of California to Delaware in late December 2025, ahead of a proposed California billionaire tax. This move allows him to avoid nearly $15 billion in taxes that would have applied under California's Prop 40, a one-time 5% tax on billionaires residing in the state as of January 1, 2026, according to fortune.com.
Page’s family office, Koop, was converted from California to Delaware incorporation, along with other organizations linked to him such as Flu Lab LLC, One Aero, and Oceankind. Concurrently, he purchased two Miami estates totaling $173.4 million, including an 11,855-square-foot Coconut Grove property for $101.5 million, which was the most expensive U.S. home sale in December 2025 and the fourth most expensive that year, according to The Wall Street Journal and Miami-Dade property records cited by fortune.com.
The move highlights how high-net-worth individuals are responding to new tax policies targeting wealth in California. While some billionaires, like Nvidia CEO Jensen Huang, have accepted the tax, others like Page have relocated to states with more favorable tax environments. This development underscores the financial and legal strategies billionaires employ to manage tax liabilities amid shifting state regulations.
California voters will decide on Prop 40 in the upcoming election, which could impact other billionaires still residing in the state. Page’s relocation and property acquisitions in Miami mark a significant example of tax-driven migration among ultra-wealthy individuals, as detailed by fortune.com.