Page is converting several of his assets out of California, according to filings reviewed by Fortune, cutting ties with the state following the proposal of a wealth tax that would impact California’s roughly 200 billionaires. While some billionaires have started fleeing the Golden State, others appear unbothered, like Nvidia CEO Jensen Huang, who says he doesn’t care about the tax.

Koop, Page’s family office, was converted out of California and incorporated in Delaware on Dec. 23, filings in the respective states show. Flu Lab LLC, a health care testing services company linked with Page, as well as One Aero, reportedly Page’s shell company that has funded his ventures to develop a flying car, were likewise moved from California to Delaware. Ocean science nonprofit Oceankind, founded by Page’s wife Lucy Southworth in 2018, was also incorporated in Delaware last month, having previously been in California.

These assets were converted out of California ahead of a de facto end-of-year deadline. If the ballot initiative wins approval after the November election, it will retroactively apply to California residents as of Jan. 1, 2026.

The proposed tax calls for California residents with more than a $1 billion net worth to pay a one-time tax equivalent to 5% of their assets. The tax can be paid over five years, and 90% of the payments would be allocated to health care spending. 

By that math, Page, who is worth about $270 billion, according to the Bloomberg Billionaire Index, would owe the state roughly $13 billion in taxes, should the proposal pass.

Though the fate of the proposal won’t be decided by voters for months, Page is seemingly not taking any chances. The Google co-founder has reportedly already left the state, an anonymous source told Business Insider, which also first reported Page converting his businesses out of California. The New York Times reported last month that Page, as well as billionaire venture capitalist Peter Thiel, were considering leaving California by the end of 2025.

Fortune could not reach Page for comment.

Billionaires’ great escape from California

Many tech leaders have made their opinions about California’s proposed wealth tax clear, arguing the initiative would exacerbate the trend of the ultra-wealthy leaving the state for destinations with fewer taxes and regulations, ultimately leaving California with fewer resources. Garry Tan, CEO of tech startup accelerator Y Combinator, warned additional levies would scare off the state’s billionaires, driving capital out of California—and eventually threaten innovation and support for health care services the tax is meant to support.

Indeed, California’s high levies, including corporate, sales and use, and franchise taxes, as well as a stricter regulatory environment, is the oft-considered reason why once-residents of Silicon Valley have shifted their business operations to other states. Elon Musk’s 2020 move from California to the income-tax free Texas—now the headquarters of Tesla, SpaceX, X, and the Boring Company—may have saved him an estimated $18 billion in capital gains taxes. Oracle, Hewlett Packard Enterprise, and Charles Schwab are among other major companies that have relocated from California to the Lone Star State. Delaware, where Page has incorporated several entities, does not require limited liability companies (LLC) owners to publicly disclose their names.

But not every billionaire is in such strong opposition to the proposal. Nvidia CEO Huang, the world’s ninth richest man worth $155 billion, appears to be unbothered by it.

“I haven’t thought about it even once,” Huang told Bloomberg Television in an interview on Tuesday. “We chose to live in Silicon Valley, and whatever taxes I guess they would like to apply, so be it. I’m perfectly fine with it.”

In fact, Nvidia is likely increasing its Silicon Valley footprint, having reportedly finalized its first office lease in San Francisco in November 2025, defying concerns of widespread divestment or talent loss in California.

“We work in Silicon Valley because that’s where the talent pool is, and we have offices all over the world, wherever there’s talent,” Huang said.