From Google founders to Meta chief: Which top tech executives left California over billionaire tax?

Several tech executives are leaving California after the Golden State lawmakers pushed a proposed 5% tax on the ultra-wealthy, a move that critics warn could accelerate the exodus of billionaires and top entrepreneurs from the state.

Under the tax proposal, which could be put to voters this November, any California resident worth more than $1 billion would have to pay a one-off, 5% tax on their assets, with the money going towards education, food assistance and healthcare programmes in the state.

While many wealthy individuals have already fled the state, others have threatened to leave California and take their business to lower-tax states. At the same time, some have decided to stay, saying Silicon Valley continues to be the world's biggest hub for technology, investors and skilled workers.

Here's who all have moved away

With a battle now brewing in California over a plan to tax billionaires, here is a list of tech titans who either already moved away or reportedly planning to leave the state with their families.

— Mark Zuckerberg: The Meta CEO is the latest California billionaire heading for Florida. He bought a large waterfront mansion in Miami’s exclusive "Billionaire Bunker", where he and his wife, Priscilla Chan, plan to shift by April, according to a Guardian report.

— Larry Page: Though the Google co-founder has not yet publicly said where he will be moving, in December, companies associated with the executive filed documents to incorporate in Florida, according to the New York Times. He reportedly purchased two homes in Miami for $173.4m in December and January.

— Sergey Brin: The other co-founder of Google is also reportedly moving away. While he has also not publicly announced his exit from California, records show that in mid-December, an entity linked to the billionaire either ended or moved more than a dozen of its limited liability companies out of the state, several of them to Nevada according to the New York Times.

— Larry Ellison: Joining other billionaires, the Oracle founder has also taken steps that suggest he may be pulling back from California, though reports of a $45 million off-market sale of his San Francisco home have not been independently confirmed by news outlets. The New York Post said the deal would be the city’s largest real estate transaction of 2025.

— Peter Thiel: The venture capitalist and PayPal chief has explored spending more time outside California and opening an office for his Los Angeles-based personal investment firm, Thiel Capital, in another state, hinting at his exit from California, according to a New York Times report.

— David Sacks: The White House AI and crypto czar confirmed his move to Texas through an X (formerly Twitter) post. "I’m pleased to end the year by announcing that Craft Ventures has opened an Austin office. God bless Texas and happy new year!," Sacks wrote in the post.

What is the ‘billionaire tax’? All about it

The tax proposal is being pushed by the labour union, Service Employees International Union-United Healthcare Workers West. If approved, the tax would retroactively apply to residents from 1 January, and billionaires would be given five years to pay the amount, the Guardian reported.

California has long relied on its billionaire population, one of the largest in the nation, to help fund the state's budget. Critics of the tax proposal, including Venture Capitalist Chamath Palihapitiya, warn that the move could actually worsen the situation instead of solving the state’s budget deficit.

Meanwhile, California’s governor, Gavin Newsom, has asserted that he opposes the wealth tax and will “fight” it if it proceeds. Newsom has consistently opposed state-level wealth taxes, and the governor believes that “if implemented at a state-only level, they drive a race to the bottom,” as per news reports.