Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google co-founder Sergey Brin is reportedly reducing his ties with California, joining Larry Page and other billionaires in doing so.
Sergey Brin Reduces California Ties
Brin terminated or moved 15 California limited liability companies in the 10 days before Christmas, according to documents obtained by The New York Times.
Seven of these entities, including those managing a superyacht and a private air terminal at San Jose International Airport, were re-registered in Nevada.
The move comes amid a broader exodus of billionaire wealth from California.
Venture capitalist Chamath Palihapitiya said that more than $700 billion in billionaire wealth has left the state in the past month.
“The $2 trillion of California wealth they expected to tax is now down to $1.3 trillion and falling quickly,” Palihapitiya wrote on X.
Full story available on Benzinga.com
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