Under the proposal, assets such as real estate, pensions, and retirement accounts would be excluded. Still, the financial impact on California Billionaires would be substantial. A resident worth $20 billion would owe $1 billion, payable over five years.
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Larry Page and Larry Ellison Signal California Billionaires Strategic Moves
Some of the state’s most prominent business leaders appear unwilling to take that risk.
Public filings reviewed by Fox News Digital show that entities tied to Google co-founder Larry Page were moved out of California in December, just weeks before the residency cutoff date. His family office, Koop LLC, and influenza research fund, Flu Lab LLC, no longer list California addresses, while his flying-car venture, One Aero, now lists Florida as its primary location.
Oracle founder Larry Ellison has also taken steps that suggest a pullback from California. While a reported $45 million off-market sale of his San Francisco home has not been independently confirmed, the New York Post reported it would be the city’s largest real estate transaction of 2025. Ellison already maintains a major presence in Florida, where tax policies are notably more favorable.
New York Post
