Silicon Valley’s elite are dividing into two camps ahead of a proposed “billionaire tax,” with Alphabet Inc.‘s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google co-founder Larry Page fleeing the state just as Nvidia Corp. (NASDAQ:NVDA) CEO Jensen Huang doubles down on his commitment to California.
The Midnight Exit
Page, currently ranked as the world’s second-richest person, completed the migration of his family office and key assets out of California before the critical Jan. 1, 2026, deadline.
According to filings reviewed by Business Insider, Page’s family office, Koop, was converted from a California entity to a Delaware corporation in late December, and Page had already physically left the state.
The timing is decisive: under the proposed “Billionaire Tax Act,” any resident living in California as of Jan. 1, 2026, would be retroactively liable for a 5% levy on their global assets if the measure passes in November.
For Page, staying even one day into 2026 could have triggered billions in tax bill. The Google co-founder is currently the world’s second richest person, with a net worth of $276 billion, according to the Bloomberg Billionaires Index.
‘So Be It:’ Huang Stays Put
In stark contrast, Nvidia’s Huang dismissed the tax threat entirely. During a recent interview with
Bloomberg, Huang made it clear that tax policy would not drive him out of the innovation hub.
“We work in Silicon Valley because that’s where the talent pool is,” Huang said. When asked if the tax worried him, he replied, “It never crossed my mind once. Whatever taxes I guess they would like to apply, so be it. I’m perfectly fine with it.”
Huang emphasized that his focus remains on “building the future” rather than tax mitigation, highlighting the divergence in how tech leaders are responding to California’s fiscal aggression.
Scattering The Assets
While the legal incorporation of Page’s empire has shifted to Delaware—a state favored for its corporate privacy laws—the physical footprint of his ventures has been scattered to tax-friendly jurisdictions.
Filings indicate that Flu Lab LLC, his influenza research organization, now lists its principal office in Nevada, according to the report.
One Aero, a funding vehicle for flying car ventures, is now based in Florida, while its AI startup, Dynatomics, has established a new address in Keller, Texas, the report added.
Innovation Exodus
The move underscores a growing rift between Silicon Valley’s elite and state legislators. The proposed tax, aimed at raising funds for healthcare and education, has drawn sharp criticism from business leaders who warn of capital flight.
Venture capitalist Vinod Khosla argued on X that the state would “net off much worse” by driving away its top taxpayers.
Similarly, San Jose Mayor Matt Mahan described the proposal as “a political plan that will sink California’s innovation economy.”
With Page joining peers like Peter Thiel and Elon Musk in exiting the state, the focus now shifts to whether other tech titans will follow suit before voters head to the polls.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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