Larry Page, the 53-year-old Google cofounder, left California before the potential implementation of Prop 40, which would impose a one-time 5% tax on the state’s billionaires. With a fortune estimated at $292 billion, he would have owed nearly $15 billion in taxes had he remained a California resident. In December, his family office Koop was moved from California to Delaware, while he purchased two properties in Miami for a combined total of $173.4 million. The departure of Page, along with other tech billionaires including Sergey Brin, Peter Thiel and Travis Kalanick, is expected to significantly reduce the projected $100 billion in revenue this measure was designed to generate.
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