Sergey Brin moves to Nevada to avoid California billionaire tax

Google co-founder Sergey Brin has relocated his residency from California to Nevada, effectively disqualifying him from voting on a proposed billionaire tax in California. Despite contributing over $102 million through the Super PAC ‘A Better California Construction Fund’ to oppose the measure, Brin changed his voter registration to Nevada in December, just before the tax's January 1 implementation deadline.

The proposed California ballot initiative aims to impose a one-time 5% tax on the assets of residents with a net worth exceeding $1 billion. The revenue generated from this tax is intended to fund healthcare, education, and food assistance programs.

Brin’s move is part of a broader trend of high-net-worth individuals leaving California. Google co-founder Larry Page has relocated to Florida, while Elon Musk moved to Texas. These shifts are reshaping the wealth landscape of various states; while California still holds the highest number of billionaires in the U.S., Texas has surpassed it in total billionaire wealth.