Recommended Free Tools
Bottom line: Filings reported in January show Larry Page’s family office and several ventures were converted from California entities to Delaware entities, with principal-office addresses in Nevada, Texas and Florida. Those changes reduce the entities’ formal California footprint, but they do not by themselves prove Page changed his personal tax residency or removed his assets from the reach of California’s proposed Proposition 40.
The changes were reportedly completed in late December 2025, before January 1, 2026, a residency date referenced in the initiative. The original report described the moves while the measure was still collecting signatures. It is now identified as Proposition 40 and is headed to California’s November 3, 2026, general-election ballot, according to the Secretary of State.
| # | Preview | Product | Price | |
|---|---|---|---|---|
| 1 |
|
California Politics: A Primer | $58.00 | Buy on Amazon |
| 2 |
|
California Politics: A Primer | $9.00 | Buy on Amazon |
| 3 |
|
California: Politics and History | $34.99 | Buy on Amazon |
| 4 |
|
Failed State: A Portrait of California in the Twilight of Empire | $23.11 | Buy on Amazon |
| 5 |
|
California Politics: A Primer | $51.43 | Buy on Amazon |
What the reported filings show
TechCrunch’s report, citing filings and Business Insider reporting, identified four Page-linked entities. A separate summary described the listed principal-office destinations.
| Entity | Reported change | Reported principal-office location | What that establishes |
|---|---|---|---|
| Koop | Converted from a California entity to Delaware | Not stated | A change in the entity’s legal organization |
| Flu Lab LLC | Converted to Delaware | Nevada | A new listed state for the principal office |
| Dynatomics LLC | Converted from California to Delaware | Keller, Texas | A new listed state for the principal address |
| One Aero | Converted to Delaware | Florida | A new listed state for the principal office |
Koop has been described as Page’s family-office entity. Flu Lab is associated with his influenza-research philanthropy, while Dynatomics and One Aero are linked to aviation and flying-car projects. The filings show corporate reorganizations; they do not show that every Page investment, employee, property or operation left California.
#1 Best Overall
Did Larry Page personally leave California?
The evidence is less definitive on Page’s residence than on the entity changes. TechCrunch attributed the statement that Page was no longer in California to an unnamed source cited by Business Insider. Fortune and Axios reported a broader reduction of California ties, including reported Miami property purchases totaling about $173.4 million. The Washington Post likewise placed Page in a wider pattern of wealthy technology figures reassessing their California connections.
None of those reports, standing alone, proves legal tax domicile. Residency generally turns on facts such as a person’s principal home, time spent in a state, family and business connections, and other statutory tests. A property purchase or an entity conversion is evidence of a connection elsewhere, not conclusive proof that Page was a nonresident on January 1, 2026.
What Proposition 40 would do
California’s official summary describes Proposition 40 as a one-time tax of up to 5% on covered assets of individuals and trusts with more than $1 billion in covered assets. It is not an annual 5% wealth tax. The initiative text is available from the California Attorney General; the Secretary of State’s measure summary is at this page.
Rank #2
Assets within the proposal
- Business interests and securities
- Art and collectibles
- Intellectual property
- Other specified personal-property interests
Exclusions and threshold
- The threshold is more than $1 billion in covered assets, subject to the measure’s definitions and valuation rules.
- Real property is excluded, as are certain pension and retirement accounts.
- The tax targets people and trusts meeting the proposal’s residency and asset rules, not simply companies incorporated in California.
Where the money would go
The measure directs 90% of revenue to health care and 10% to food assistance or education-related programs. It also says the new money cannot replace existing funding for those purposes.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsWhy the December timing matters
Reporting placed the entity conversions in late December 2025, before the proposal’s January 1, 2026, reference date. That timing may be relevant, but it does not answer the central legal questions: whether Page was a California resident under the measure, which assets would be counted, and whether the initiative’s anti-avoidance or look-through rules would reach assets held through companies or trusts.
The distinction is essential:
- Corporate domicile: the state where an LLC or corporation is legally organized.
- Principal office: the address the entity lists in its filings.
- Personal residency: the individual’s legal domicile or tax residence.
- Asset situs: the legal or practical location of a particular asset.
- Beneficial ownership: the person who ultimately owns or controls an asset held through an entity or trust.
Changing the first two categories does not automatically change the last three.
Rank #3
Would Delaware incorporation avoid the tax?
There is no established basis for saying it would. A Delaware conversion can change an entity’s state-law domicile, governance rules and filing obligations. It may also be sensible risk management if an owner expects disputes over California’s corporate reach. But it does not, by itself, determine Page’s personal domicile, the location of underlying assets, or whether the proposal’s rules would look through layered entities.
Nor does a move necessarily end California activity. A person can maintain California employees, property, investments, philanthropy or commercial operations after changing residence or reorganizing companies.
Quick wins for a faster PC:
Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →The valuation and liquidity problems
A one-time assessment on private-company interests, intellectual property, art or collectibles would require valuation methods that are not visible in public net-worth rankings. Questions could include the valuation date, discounts for minority or nonmarketable interests, restrictions on shares, intellectual-property assumptions, trust structures and payment deadlines.
A 5% rate applied to a public estimate of Page’s net worth would therefore be misleading. The taxable base could differ substantially from a headline wealth figure. Owners could also face liquidity pressure if most covered wealth is illiquid, potentially requiring sales, borrowing or restructuring. Those are possible consequences of the proposal, not confirmed actions by Page.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Where Proposition 40 stands
California officials reported that the initiative met the requirement of 874,641 valid signatures and became eligible for the November 3, 2026, ballot. The Secretary of State lists it among the qualified ballot measures. It is backed by SEIU Healthcare Workers West. Gov. Gavin Newsom has opposed it, while supporters say new revenue is needed to protect or expand health-care funding after federal reductions. Opponents warn that wealthy residents and capital could leave.
“Eligible,” “qualified” and “enacted” are different statuses: qualification places a measure on the ballot; only voter approval and the subsequent legal process could make it law.
Best Value
What the state says about the fiscal trade-off
The Secretary of State’s summary of the Legislative Analyst and Director of Finance estimates says the tax could produce tens of billions of dollars spread over several years. The same estimate projects that state income-tax revenue could fall by hundreds of millions of dollars or more each year on an ongoing basis.
Those are official projections, not guaranteed results. The outcome would depend on migration, asset valuations, litigation, payment timing and how the measure is administered.
Why Page’s case matters beyond one billionaire
Reports have also discussed Sergey Brin, Peter Thiel, David Sacks, Larry Ellison and other technology or investment figures. The underlying evidence varies: an entity filing is not the same as a verified residence, and a real-estate purchase or public statement is not proof of a tax departure. The broader issue is whether a wealth tax changes behavior enough to offset part of the revenue it raises.
Page’s reported actions make that question concrete. They document a smaller formal California business footprint, while leaving unresolved whether his personal residence and covered assets would remain within Proposition 40’s reach.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWhat remains unresolved
- Whether Page met the initiative’s California-residency test on January 1, 2026.
- How private companies, intellectual property, art and other illiquid assets would be valued.
- Whether trusts or other entities would be treated on a look-through basis.
- How the state would enforce the measure against people who relocate.
- Whether constitutional challenges involving retroactivity, due process, interstate commerce or tax limits would delay or alter implementation.
- Whether voters will approve Proposition 40 on November 3, 2026.
The strongest conclusion supported by the public reporting is narrow: Page appears to have reduced his entities’ formal California ties before the proposed tax’s reference date. Whether that changes his exposure would depend on the final law, his actual residency, the ownership and valuation of his assets, and the state’s administration of the measure.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
