After Larry Page, Sergey Brin Reportedly Moves Business Entities Out Of California Amid Proposed Wealth Tax
Benzinga••business
Key Points:
- Sergey Brin, co-founder of Google, has reduced his ties to California by terminating or relocating 15 limited liability companies, including those managing a superyacht and private air terminal, mostly to Nevada.
- This move is part of a larger trend of billionaires leaving California, with over $700 billion in wealth reportedly moving out of the state recently, reducing the taxable wealth from $2 trillion to $1.3 trillion.
- Brin joins Larry Page and other billionaires like Peter Thiel in relocating outside California amid concerns over a potential wealth tax ballot measure targeting the state's richest residents.
- The departures have sparked debate among tech leaders, with Nvidia CEO Jensen Huang accepting the tax as part of living in Silicon Valley, while LinkedIn co
