The ‘Fox News @ Night’ investigators discuss calls for an investigation into alleged fraud in California and the effects of the proposed billionaire tax.
As time ticks on California’s billionaires facing a proposed wealth tax, some of America’s top business leaders are making strategic moves to leave the Golden State.
Google founder Larry Page appears to be adapting to California, as public documents reviewed by Fox News Digital from the California Secretary of State’s office show that several businesses linked to Page were removed from the state in December, before Jan. 1, 2026, the effective date of the proposed tax. Those documents indicate his family office, Koop LLC, and his flu research fund, Flu Lab LLC, are no longer listed in California, and the flying car company, One Aero, now lists its primary address in Florida.
Oracle founder Larry Ellison has taken steps to suggest a possible rebound in California, although details of the sale of his R45 million San Francisco home have not been independently confirmed by the outlet. The New York Post reported the sale and said it would mark the city’s largest real estate transaction in 2025.
LISTED AS THE NEW MOST EXPENSIVE HOME IN AMERICA, $75M LIST NEAR LARRY ELLISON’S FLORIDA MANSION.
Although the plan is not yet up for a November 2026 ballot, the proposal — backed by the Service Employees International Union-United Healthcare Workers West — would impose a one-time 5% tax on the net worth of California residents over $1 billion. The tax is due in 2027, and taxpayers can spread the payments over five years, with additional costs, according to the Legislative Analyst’s Office.
Billionaires Larry Page (L) and Larry Ellison (R) are among the latest to take direct steps to leave California ahead of the proposed wealth tax. (Getty Images)
Finance costs may vary. For example, Ellison could be forced to give away about $9.6 billion of his estimated $192 billion fortune, according to Forbes data. Page will owe about $7.2 billion based on his estimated net worth of $144 billion. The LAO says real estate, pensions and retirement accounts will be tax-exempt.
If the measure is approved by voters, anyone who was a California resident on Jan. 1, 2026, will owe taxes, according to the proposal.
In practical terms, a resident with a net worth of $20 billion on that date would owe a one-time tax of $1 billion, payable over five years.
Legal and political strategist Katie Zacharia discusses California’s fiscal mismanagement, including state agencies accused of wasting more than $5 million and problems with homeless spending.
“Actually, this ‘Chicken Little’ argument that people will flee because of an attack — if we look at real-world examples and experiences across the country — no one has ever come up,” SEIU-United Healthcare Workers West Chief of Staff Suzanne Jimenez told Fox News earlier.
“People are awake now. And so, yes, in the past, there are probably real-world examples where they say, you know, ‘I’m going to pay a little bit more, etc.’ But in this situation, now people know that their money is going to be fraudulent,” California chef and restaurateur Andrew Gruel denied on “Fox News @ Night.” “No one wants to spend this tax money anymore, because it’s a complete waste of money. So they will go – and they do.”
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Nvidia founder and CEO Jensen Huang discusses his company’s success, sales to China and more on ‘The Claman Countdown.’
One billion not leaving the Golden State is Nvidia CEO Jensen Huang, who told Bloomberg he’s not worried about paying.
“We chose to stay in Silicon Valley and any taxes, I think they would like to apply, so be it,” Huang said on Tuesday. “I feel really good. It never crossed my mind.”
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Amanda Macias of FOX Business contributed to this report.
