Google founders reduce California ties amid proposed billionaire wealth tax

Sergey Brin has moved or ended several business entities tied to California, joining fellow Google co-founder Larry Page in reducing their formal ties to the state where they built their fortunes, The New York Times reported. According to documents seen by The Times, an entity connected to Mr.

Brin terminated or moved 15 California limited liability companies in the 10 days before Christmas; seven of those companies were converted into Nevada entities, including ones that appear to manage a superyacht and his interest in a private air terminal at San Jose’s international airport.

The report also said another entity jointly managed by Mr. Brin and Mr. Page moved to Nevada on Christmas Eve. State records show more than 45 California limited liability companies associated with Mr. Page filed last month to become inactive or move out of state, and a trust with ties to Mr.

Page purchased a $71.9 million mansion in Miami’s Coconut Grove this week, according to a deed seen by The Times. Their moves come as a proposed ballot measure, put forward by the Service Employees International Union-United Healthcare Workers West, would impose a one-time tax of about 5 percent on Californians worth more than $1 billion.

Key Topics

Tech, Sergey Brin, Larry Page, Wealth Tax, California, Nevada