"Page is converting several of his assets out of California, according to filings reviewed by Fortune, cutting ties with the state following the proposal of a wealth tax that would impact California's roughly 200 billionaires. While some billionaires have started fleeing the Golden State, others appear unbothered, like Nvidia CEO Jensen Huang, who says he doesn't care about the tax."
"Koop, Page's family office, was converted out of California and incorporated in Delaware on Dec. 23, filings in the respective states show. Flu Lab LLC, a health care testing services company linked with Page, as well as One Aero, reportedly Page's shell company that has funded his ventures to develop a flying car, were likewise moved from California to Delaware."
"The proposed tax calls for California residents with more than a $1 billion net worth to pay a one-time tax equivalent to 5% of their assets. The tax can be paid over five years, and 90% of the payments would be allocated to health care spending. By that math, Page, who is worth about $270 billion, according to the Bloomberg Billionaire Index, would owe the state roughly $13 billion in taxes, should the proposal pass."
Larry Page is moving several assets and entities out of California, converting his family office Koop and businesses including Flu Lab LLC and One Aero to Delaware incorporation. Oceankind, a nonprofit founded by his wife Lucy Southworth, also moved to Delaware. The conversions occurred before a year-end deadline that could affect residency status if a proposed wealth tax is approved. The ballot initiative would impose a one-time 5% tax on California residents with net worths over $1 billion, payable over five years with 90% funding health care. Page's estimated $270 billion net worth would translate to about $13 billion owed under the proposal. Page has reportedly already left the state.
Read at Fortune
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