Google Co-Founders Appear to Scale Back California Ties

Sergey Brin and Larry Page appear to be reducing their footprint in California, the state where they co-founded Google.

According to a report from The New York Times, 15 limited liability companies overseeing Brin’s investments and personal interests were either dissolved or restructured as Nevada-based entities in December. These entities reportedly include LLCs connected to the management of one of Brin’s superyachts and his stake in a private terminal at San Jose International Airport.

In a similar shift, 45 LLCs linked to Page have recently been rendered inactive or relocated outside California. In addition, a trust connected to Page purchased a $71.9 million mansion in Miami earlier this week, the report said.

The Times notes that relocation decisions for ultra-wealthy individuals are rarely straightforward. Both Brin and Page reportedly continue to own residential properties in California. Nevertheless, recent activity suggests the two tech billionaires may be positioning themselves ahead of a proposed ballot initiative to impose a one-time 5% tax on individuals with a net worth exceeding $1 billion.

If the measure qualifies for the November ballot and is approved by voters, it would apply retroactively to anyone who was a California resident as of January 1 of this year.