Billionaires leave California ahead of proposed 5% wealth tax measure

With time running out for California’s billionaires to face a proposed wealth tax, some of America’s top business leaders are making strategic moves to leave the Golden State.

Google co-founder Larry Page appears to be distancing himself from California, as public filings reviewed by Fox News Digital from the California Secretary of State’s office show that several business entities linked to Page moved out of the state in December, before the Jan. 1, 2026, residency date tied to the proposed tax. These filings indicate that his family office, Koop LLC, and his influenza research fund, Flu Lab LLC, are no longer incorporated in California, while his flying car project, One Aero, now lists its main address in Florida.

Oracle founder Larry Ellison has taken steps indicating a possible withdrawal from California, although details of the off-market $45 million sale of his San Francisco home have not been independently confirmed by major outlets. The New York Post reported on the sale and said it would be the city’s largest real estate deal of 2025.

Previously planned to be America’s most expensive new home, $75M estate listings next to Larry Ellison’s Florida mansion

While the initiative has not yet qualified for the November 2026 ballot, the proposal — backed by the Service Employees International Union-based United Healthcare Workers West union — would impose a one-time 5% tax on the net worth of Californians worth more than $1 billion. The tax would be due in 2027, and taxpayers can spread the payments over five years, with additional costs, according to the Legislative Analyst’s Office.

Financial costs will vary. For example, Ellison may have to hand over roughly $9.6 billion of his estimated net worth of $192 billion, according to Forbes data. Page would owe about $7.2 billion based on its estimated valuation of $144 billion. The LAO says estates, pensions and retirement accounts will be excluded from the tax.

If voters approve the measure, anyone who was a California resident on Jan. 1, 2026, would owe the tax, according to the proposal.

In practice, a resident with a net worth of $20 billion on that date would owe a one-time tax of $1 billion, paid over five years.

“Really, the ‘Chicken Little’ argument that people will flee because of the attacks — when we look at real-world examples and experiences across the country — none of that has worked at all,” Susan Jimenez, SEIU-United Healthcare Workers West chief of staff, told Fox News.

“People are awake now. And so, yeah, in the past, there might have been some real-world examples where they would say, you know, ‘I’ll pay a little more, etc.'” “But in this case, people now know that their money is going toward fraud,” California chef and restaurateur Andrew Gruwell rebutted on “Fox News @ Night.” “Nobody wants to spend that money on taxes anymore, because it’s just a complete waste of money. So, they will leave – and they are leaving.”

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One billionaire who won’t be leaving the Golden State is Nvidia CEO Jensen Huang, who told Bloomberg he’s not worried about the payout.

“We chose to live in Silicon Valley, and I think they want to implement whatever taxes, so be it,” Huang said on Tuesday. “I’m totally fine with that. It’s never crossed my mind once.”

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FOX Business’ Amanda Macias contributed to this report.