Sergey Brin is pulling back from California, joining Google co-founder Larry Page in paring down ties to the state as billionaires quietly reposition ahead of a proposed wealth tax targeting the ultra-rich.
An entity connected to Brin terminated or moved 15 California limited liability companies that oversee some of his business interests and investments out of the state 10 days before Christmas, according to documents reviewed by The New York Times.
Seven of those 15 entities, including those that appear to manage one of Brin’s superyachts and his interest in a private air terminal at San Jose’s international airport, were converted into Nevada companies, according to the Times.
Brin’s pullback follows similar steps by Page, whose California footprint has shrunk even more dramatically.
More than 45 California limited liability companies tied to Page have recently filed to become inactive or move out of state, and a trust connected to him purchased a $71.9 million mansion in Miami’s Coconut Grove neighborhood, according to state records and a deed reviewed by the Times.
The moves come as California weighs a ballot initiative that would impose a one-time 5% tax on residents worth more than $1 billion, a proposal backed by a powerful health care union that would apply retroactively to anyone living in the state as of Jan. 1 and give affected taxpayers five years to pay.
