California’s billionaire exodus isn’t slowing down—if anything, it’s about to hit the accelerator. As Google co-founder Larry Page and Oracle founder Larry Ellison join the growing list of high-profile Californians heading for the exits, one Silicon Valley insider says the real wave is still ahead.
Allison Huynh, a tech entrepreneur, investor, and former fundraiser for Barack Obama and Joe Biden, warned that two proposed tax hikes could trigger what she calls a “mass migration” of not just billionaires, but the people who actually fund innovation. According to Huynh, these proposals—an annual wealth tax and the so-called 2026 Billionaire Tax Act—are political “rage bait” designed to fire up voters, with little regard for the economic damage left behind. Shocking, right?
Public filings reviewed by Fox News Digital show that Larry Page-linked entities quietly moved out of California in December, ahead of the Jan. 1, 2026 residency cutoff tied to the proposed taxes. His family office, Koop LLC, and Flu Lab LLC no longer list California, while his flying-car venture, One Aero, now calls Florida home. Sunshine, freedom, and fewer tax experiments—imagine that.
Ellison, meanwhile, has also signaled a pullback. While reports of a $45 million off-market sale of his San Francisco home haven’t been independently confirmed, the New York Post reported it would be the city’s largest real estate transaction of 2025. When billionaires start cashing out, it’s usually not because they’re feeling optimistic.
Huynh compared California’s tax strategy to a failing restaurant that responds to fewer customers by raising prices. “Instead of lowering the price, they increase the price,” she said, likening it to paying $50 for a bowl of terrible dumplings. A painfully accurate analogy.
Under the proposed annual wealth tax, assets over $50 million would face a 1% to 1.5% tax—based on paper valuation, not actual cash. Huynh explained that even inherited homes or artwork would be taxed as if they were liquid assets. The second proposal, the 2026 Billionaire Tax Act, would impose a one-time 5% tax on assets over $1 billion, including business holdings. In practical terms, that could mean owing the state billions in cash you don’t actually have.
Huynh believes Democrats see these proposals as a political weapon—an “Eat the rich” message meant to counter MAGA enthusiasm at the ballot box. While the annual wealth tax is unlikely to make the November ballot, supporters of the billionaire tax are actively gathering signatures. Investors, however, aren’t waiting around to see how it ends.
According to Huynh, founders and investors are selling homes almost overnight and relocating to Florida, Texas, and Puerto Rico—taking with them capital, companies, and jobs. She warned that California has already seen this playbook before, pointing to companies like SpaceX and Oracle relocating operations to friendlier states.
The irony is hard Fletcher miss: the same innovators who built California’s economy are now being pushed out by policies that punish success instead of rewarding it. And while Sacramento debates how best to chase away its taxpayers, other states are rolling out the welcome mat.
The upside? America remains a country where freedom still exists somewhere. With leaders who prioritize growth, innovation, and common sense—values championed by President Donald Trump—those jobs, businesses, and opportunities don’t disappear. They simply move to places where success is still allowed to thrive.
