Peter Thiel and Larry Page are preparing to flee California in case the state passes a billionaire wealth tax, report says

Tech billionaires are making plans to bail on California ahead a possible ballot measure that would tax their assets to help pay for healthcare.

Sources told the New York Times that venture capitalist Peter Thiel has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state.

Meanwhile, Google cofounder Larry Page has discussed leaving the state by year’s end, sources told the Times, while three limited liability companies associated with him have filed documents to incorporate in Florida.

The Thiel Foundation and Google parent Alphabet didn’t immediately respond to requests for comment. Representatives for Thiel and Page did not respond to the Times.

Tech investor Chamath Palihapitiya has warned on the risk of a wealth tax in California, saying it will eventually bankrupt the state.

“The inevitable outcome will be an exodus of the state’s most talented entrepreneurs who can and will choose to build their companies in less regressive states,” he Read Entire Article