Tech Titans Relocate Assets Amid California's Wealth Tax Proposal

January 7, 2026 - 20:17

Larry Ellison and Larry Page, two of the most prominent figures in the tech industry, have recently initiated significant moves to transfer key business entities away from California. This decision comes as labor groups intensify their efforts to qualify a proposed wealth tax on billionaires for the upcoming ballot.

The potential wealth tax has raised concerns among many high-net-worth individuals, prompting Ellison and Page to reassess their business strategies. Both billionaires have a long history of investing in California, contributing to its economy and innovation landscape. However, the looming tax proposal may alter the dynamics of how they manage their wealth and business interests.

As the state government considers implementing this tax, the actions of these tech leaders may signal a broader trend among wealthy individuals seeking to protect their assets. The outcome of this proposed legislation could have far-reaching implications for California's economy and its status as a hub for technology and innovation.