Google cofounders Sergey Brin and Larry Page attending the Vanity Fair Oscar Party in 2007. Billy Farrell/Patrick McMullan via Getty Images
When California’s wealthiest residents started paying close attention to a proposed billionaire wealth tax, some of the state’s biggest names quietly began making moves. Among them were Google cofounders Sergey Brin and Larry Page, who shifted an LLC linked to them out of California just days before the clock ran out.
So what exactly happened—and why does it matter? Let’s break it down in a clear, conversational way.
A strategic move before the deadline
In late December 2025, an entity connected to Sergey Brin and Larry Page—T-Rex LLC—officially converted from a California LLC into a Delaware-based company now called T-Rex Holdings. The change was finalized on December 24, 2025, according to state filings reviewed by Business Insider.
Timing is everything here. The move came just ahead of a proposed California ballot measure that would impose a one-time 5% wealth tax on residents with assets exceeding $1 billion. If approved by voters in November 2026, the tax would apply retroactively to anyone considered a California resident as of January 1, 2026.
In other words, anyone hoping to avoid the tax needed to have their affairs in order before the end of 2025.
Why Delaware—and why now?
Delaware has long been a favorite destination for large corporations and ultra-wealthy individuals. Its business-friendly laws, predictable legal system, and flexible LLC structures make it especially attractive for managing investments and assets.
In the conversion filing, T-Rex Holdings lists Reno, Nevada, as its principal office, while Brin and Page remain managers of the entity. Although the filing describes the company simply as a “management company,” such LLCs are commonly used by high-net-worth individuals to hold assets or oversee investments with minimal public disclosure.
Larry Page, in particular, has been active on this front. Just days earlier, he reportedly converted his family office out of California and into Delaware and has incorporated other entities there as well, including ventures related to influenza research and advanced aviation projects.
California’s proposed billionaire wealth tax, explained
The proposed tax would affect an estimated 200 California residents, targeting those with net assets over $1 billion. The stated goal is to help address a multibillion-dollar state budget deficit.
Key details include:
- A one-time 5% tax on qualifying wealth
- Retroactive application starting January 1, 2026
- Residency determined by factors such as time spent in California and substantial business ties
Critics argue the measure could backfire. In a December letter to Governor Gavin Newsom, celebrity attorney Alex Spiro warned that the tax would “trigger an exodus of capital and innovation from California,” noting that many wealthy clients would permanently relocate if it passed.
Different paths for two tech titans
Although Brin and Page cofounded Google together in 1998, their professional paths have diverged in recent years. After stepping back from executive roles in 2019, Sergey Brin has returned to hands-on work at Google, while Larry Page, still a controlling shareholder, has largely stayed out of daily operations.
Despite these differences, both remain among the richest people on the planet, ranking second and fourth respectively on the Bloomberg Billionaires Index, each with net worths exceeding $250 billion. Decisions about taxes, residency, and asset management carry enormous financial implications at that level.
The bigger picture
The relocation of T-Rex LLC isn’t just a paperwork change—it’s a signal. As California debates how to tax extreme wealth, some of its most influential residents are already adapting. Whether the proposed wealth tax ultimately passes or not, the actions of figures like Brin and Page highlight a broader reality: policy shifts can quickly reshape where capital, companies, and innovation choose to live.
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