"Sergey Brin and Larry Page appear to be pulling back from the state where they co-founded Google. The New York Times reports that in December, 15 limited liability companies overseeing Brin's investments and interests were terminated or converted into Nevada entities. Those include LLCs that manage 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, and a trust associated with Page bought a $71.9 million mansion in Miami this week, according to the NYT."
"Brin and Page both still own homes in the state, the NYT says. Still, these moves suggest that at least two of California's billionaires are indeed hoping to dodge a prospective ballot measure that would impose a one-time, 5% tax on individuals worth more than $1 billion."
Sergey Brin and Larry Page have been reducing their California ties by terminating, converting, or relocating multiple limited liability companies and related entities. In December Brin terminated or converted 15 LLCs overseeing investments and interests, including entities managing a superyacht and his interest in a private terminal at San Jose International Airport. Page had 45 LLCs recently become inactive or move out of state, and a trust tied to Page purchased a $71.9 million mansion in Miami. Both individuals continue to own homes in California. The timing of the moves corresponds with a proposed one-time, 5% wealth tax on billionaires that would apply retroactively to residents as of January 1.
Read at TechCrunch
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