"The Google and Alphabet cofounder, who left day-to-day operations in 2019, has seen his net worth soar in the years since-from around $50 billion at the time of his departure to somewhere approximating $260 billion today. (Leaving his job clearly didn't hurt his wallet.) Last year, a proposed ballot initiative in California threatened billionaires like Page with a one-time 5 percent wealth tax-prompting some of them to consider leaving the state before the end of the year, when the tax, if passed,"
"It's not certain whether many of them have departed for Florida, Texas, New Zealand, or a space station. But it is clear that a lot of vocal billionaires and other super rich people are publicly losing their minds about the proposal, which will appear on the November ballot if it garners around 875,000 signatures. Hedge fund magnate Bill Ackman calls it "catastrophic." Elon Musk, the world's richest man, boasted that he already pays plenty of taxes, so much so that one year"
Larry Page's net worth rose from about $50 billion in 2019 to roughly $260 billion, and he purchased more than $170 million in Miami homes. A proposed California ballot initiative would impose a one-time 5 percent wealth tax on roughly 250 billionaires, potentially retroactive if passed. Several wealthy individuals have publicly reacted and some are reportedly considering relocating to states like Florida or Texas. High-profile critics include Bill Ackman and Elon Musk, who emphasize tax burdens. A 5 percent levy would still leave holders with sums sufficient to acquire major automakers.
Read at WIRED
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