In a significant pre-emptive move, Google co-founders Sergey Brin and Larry Page have transferred a key entity out of California, beating the clock on a proposed wealth tax targeting the state's ultra-rich. This strategic shift underscores growing concerns among billionaires about potential financial implications of new tax policies.
The Strategic Shift to Delaware and Nevada
According to recent filings reviewed by Business Insider, T-Rex LLC, an entity formed in 2006 and historically managed from Palo Alto, was converted into a Delaware-based company named T-Rex Holdings on December 24, 2025.
The new corporate filings list Reno, Nevada, as its principal office, with both Brin and Page continuing as managers. This relocation comes at a critical time as California politicians deliberate a contentious ballot measure.
The Impending California Billionaire Tax
The state is considering a 5% one-time tax on billionaires, a proposal slated for the November 2026 ballot. If approved, this wealth tax would apply retroactively to residents as of January 1, 2026.
Legal representatives for wealthy clients have already cautioned Governor Gavin Newsom, warning that such a tax could precipitate an 'exodus of capital and innovation' from California, potentially damaging its economic landscape.
A Pattern of Financial Restructuring
This is not an isolated move by the Google founders. Earlier this week, reports revealed that Larry Page has already severed significant ties with California by converting his family office into a Delaware entity.
Page has incorporated several other ventures in Delaware, including those funding ambitious projects in influenza research and flying car technology. In contrast, Brin maintains connections to various California-based entities like the Sergey Brin Family Foundation and Bayshore Global Management, with no other major exits linked to him currently.
Brin and Page, who co-founded Google in 1998, rank among the world's wealthiest individuals. According to the Bloomberg Billionaires Index, Page is the world's second-richest person, with Brin in fourth place, each boasting a net worth exceeding $250 billion.
Growing Opposition from Tech Titans
The proposed tax is facing stiff opposition from other Silicon Valley luminaries. LinkedIn founder Reid Hoffman has publicly condemned the plan, calling it a 'horrendous idea' in a post on social media platform X.
Hoffman criticized the tax as 'badly designed' with 'massive flaws,' arguing it would be detrimental to innovation. He highlighted the specific proposal to tax illiquid stock as particularly problematic.
"Poorly designed taxes incentivize avoidance, capital flight, and distortions that ultimately raise less revenue," Hoffman wrote, revealing that Representative Ro Khanna had contacted him to discuss the proposal, where he made his opposition clear.
The actions of Brin, Page, and the vocal criticism from figures like Hoffman signal a brewing confrontation between California's policy makers and its most financially influential residents, with the state's economic future hanging in the balance.
