Ryan Mac, Theodore Schleifer and Heather Knight:
The Google founders’ shrinking connections to California underscore the impact of a potential ballot measure that would affect the state’s wealthiest residents. Proposed by a health care union, the measure calls for Californians worth more than $1 billion to pay a one-time tax that would be equivalent of 5 percent of their assets. If the measure gains enough signatures to reach the state ballot in November and wins approval, it would retroactively apply to anyone who lived in the state as of Jan. 1 and they would have five years to pay it.
The potential wealth tax has already caused some California billionaires to establish more ties outside the state. Last month, the venture capitalist Peter Thiel announced that he opened an office for his family investment firm in Miami. David Sacks, the tech investor and White House adviser on artificial intelligence and cryptocurrency, unveiled a new office for his venture capital firm, Craft Ventures, in Austin, Texas.
But the actions of Mr. Brin and Mr. Page stand out because of their wealth — their combined net worths total more than $518 billion, as estimated by Forbes — and how closely identified they are with California. While both stepped down from day-to-day management of Google and its parent, Alphabet, in 2019, they remain on the board of the company and Mr. Brin has recently become more active in Google’s A.I. efforts.
Mr. Brin and Mr. Page still have connections to California, including homes across the state. It’s unclear how much time they will be spending in the state this year.