Sergey Brin and Larry Page, Google co-founders, are reducing their presence in California where they started the company, by terminating or relocating business entities and acquiring out-of-state property, ahead of a proposed ballot measure levying a one-time tax on billionaires, The New York Times reports.
In December, 15 limited-liability companies that oversee Brin’s investments and interests were terminated or converted into Nevada entities. These companies handle specific assets, such as one of Brin’s superyachts. They also manage his interest in a private terminal at San Jose International Airport.
Likewise, 45 limited-liability companies associated with Page have become inactive or moved out of state during the same period. These entities previously operated under California jurisdiction and managed various aspects of Page’s financial holdings.
A trust connected to Page purchased a $71.9 million mansion in Miami this week. The acquisition adds to Page’s property portfolio outside California and occurred amid the recent shifts in his business structures.
Brin and Page maintain ownership of homes within California. Their primary residences and other properties remain registered in the state despite the changes to their investment vehicles.
The restructurings coincide with a prospective ballot measure seeking to impose a one-time 5 percent tax on individuals worth more than $1 billion. The New York Times notes that if the measure qualifies for the November ballot and passes, the tax would apply retroactively to anyone residing in California as of January 1 of this year.
