Google co-founder Sergey Brin has begun moving some of his business structures out of California, following the example of fellow Google founder Larry Page.
According to The New York Times, 10 days before Christmas, several companies linked to Brin either ceased operations in California or re-registered outside the state.
Seven of those companies were transferred to Nevada, including those linked to Brin's superyacht and his stake in a private aviation terminal at San Jose International Airport. Earlier, more than 45 companies associated with Larry Page also filed for termination of their operations in California or a change of jurisdiction, the newspaper reported. In addition, a trust associated with Page purchased a mansion in Miami for $ 71.9 million.
A joint venture managed by Brin and Page also “moved“ from California to Nevada on Christmas Eve. According to Forbes, the combined fortune of the two Google founders exceeds $ 518 billion, which makes their actions especially noticeable against the backdrop of debates over the state's tax policy.
Experts attribute this to California's initiative to introduce a one-time 5% tax on the assets of billionaires with a net worth of more than $ 1 billion. If approved by referendum in November, the tax would apply retroactively to state residents, with payment deferred for five years.
Despite their reduced corporate presence, Brin and Page still own real estate in California and remain members of Alphabet's board of directors, according to the newspaper. A representative for Sergey Brin declined to comment, while Google and representatives for Larry Page did not respond to requests for comment.