Google founders Sergey Brin and Larry Page have now shifted an entity tied to them out of California, beating the deadline on a proposed wealth tax targeting the state’s richest residents. As reported by Business Insider, the fillings revealed that T-Rex LLC, formed in 2006 and long managed from Palo Alto is converted into a Delaware-based company called T-Rex Holdings on December 24, 2025. The new filling reviewed by Business Insider also lists Reno, Nevada as its principal office with Brin and Page remaining managers. This move from Brin and Page comes as California is considering a 5% one-time tax on billionaires, a ballot measure slated for November 2026. If the California wealth tax gets approved then a tax would apply retroactively to residents as of January 1, 2026. Attorney’s for wealth clines have warned Governor Gavin Newsom that the Billionaire wealth tax proposal could lead to an ‘exodus of capital and innovation’ from the state.

Google Founder Larry Page already relocated other entities

Earlier this week, a report by Business Insider revealed that Larry Page has severed ties with California by covering his family office into a Delaware entity. Along with this, Page has also incorporated other ventures in Delaware, including those funding influenza research and flying car projects. On the other hand, Brin still remains tied to various California-based entities, such as the Sergey Brin Family Foundation and Bayshore Global Management, though filings show no other exits linked to him.For those unaware, Brin and Page cofounded Google nine years ago 1998 and are among world’s wealthiest individuals. As per the Bloomberg Billionaires Index, Page is the second-richest person globally and Brin the fourth, each with net worths exceeding $250 billion.

LinkedIn founder Reid Hoffman calls California Billionaire tax a horrendous idea

Recently, LinkedIn founder Reid Hoffman joined the list people opposing the proposed California wealth tax. Hoffman has strongly opposed California’s proposed 5% wealth tax on billionaires. In a post shared on social media platform X (formerly known as Twitter), Hoffman said that the California’s Billionaire tax is ‘badly designed’ and comes with ‘massive flaws’ and there are chances that it will become ‘horrendous’ for innovation. Hoffman further revealed that Rep. Ro Khanna had reached out to discuss the proposal and Hoffman made his opposition clear. “One well‑documented example is the horrendous idea to tax illiquid stock in the proposal,” Hoffman wrote. “Poorly designed taxes incentivize avoidance, capital flight, and distortions that ultimately raise less revenue.”