Larry Page Moves Business Assets Out of California

Google cofounder Larry Page has officially cut ties with California, moving his family office and several business entities to Delaware. The move meets an end-of-2025 deadline to avoid a proposed wealth tax that would tax California residents worth more than $1 billion at 5% of their assets.

Page's family office, Koop, was converted out of California in late December and incorporated in Delaware. Several other entities, including Flu Lab LLC, One Aero, and Dynatomics, LLC, were also converted to Delaware. Page's wife, Lucinda Southworth, founded a marine-conservation charity named Oceankind, which also converted out of California to Delaware.

The proposed ballot measure, if approved in November, would take effect retroactively for residents living in California as of January 1, 2026. A source close to Page said the Google cofounder had already left the state. The move highlights concerns from business leaders about the potential impact of the tax on California's innovation economy.

Larry Page has converted his family office and several business ventures out of California to Delaware. The move meets an end-of-2025 deadline to avoid a proposed wealth tax.

Page's family office, Koop, was converted out of California in late December and incorporated in Delaware, per filings with both states. Page converted several other entities to Delaware, including:

• Flu Lab LLC — a vehicle used to fund research on tackling influenza, with its principal office address in Nevada
• One Aero — an entity that has funded his flying car ventures, with its principal office address in Florida
• Dynatomics, LLC — a startup focused on applying AI to aircraft manufacturing, with a new principal address in Keller, Texas

Page launched Dynatomics in 2023. A source close to Page said that the team, run by Chris Anderson, continues to work out of California. Besides his family office and funding vehicles, Page converted out an LLC used to purchase islands in Puerto Rico and the Virgin Islands, from California to Delaware, with a new address listed in Florida. A separate LLC Page used to purchase an Island in Fiji was also converted out to Delaware.

The California billionaire tax proposal would tax any California resident worth more than $1 billion 5% of their assets. Under California law, residency is determined by the nature of a person's ties to the state, with factors such as the time spent in the state and the maintenance of substantial business ties taken into account.

If the ballot measure is approved in November, it would take effect retroactively for residents living in California as of January 1, 2026. A source close to Page said the Google cofounder had already left the state. Whether Page's move is temporary could not be learned. Page is ranked the second-richest person in the world, according to the Bloomberg Billionaires Index.

The California billionaire tax proposal has faced opposition from leaders in venture capital and politics. In a post on X in December, venture capitalist Vinod Khosla said the proposed measure would mean California would lose its most important taxpayers and "net off much worse."

Khosla added, "Long term damage unless legislature bans wealth taxes. Easier to equalize taxes on work income and capital gains at the national level." Matt Mahan, Democratic mayor of San Jose, California, described the tax as "a political plan that will sink California's innovation economy."

White House AI czar David Sacks criticized the proposal and said it will backfire. He has also said he believes Miami and Austin will overtake New York and San Francisco for finance and tech, respectively. He announced this month that his venture capital firm, Craft Ventures, had opened an office in Austin.

Delaware has become a popular state for businesses to incorporate due to its favorable tax structure, privacy, and its home to a court system specifically designed to handle corporate disputes. The state does not require LLCs to disclose the names and addresses of directors when incorporating, providing them with an extra layer of privacy.

Privacy is especially important to Page, whose family office is shrouded in a level of secrecy unparalleled by most and carefully managed by its CEO, Wayne Osborne. Cristina Rosado, an attorney who handles many of Page and Southworth's assets, signed several of the California filings. Page incorporated three entities in Florida last year. A Koop LLC was incorporated in Florida in January 2025. It could not be confirmed if it belongs to Page.