California · Nvidia · Jensen Huang · Fortune Technology
Larry Page could dodge nearly $15 billion in taxes after leaving California and spending $173 million on a Miami compound
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In a couple of weeks, Californians will vote on ballot measure Prop 40 —a highly debated measure that would require a one-time 5% tax on the state’s billionaires who lived there as of Jan. 1, 2026.
Key facts
- Amazon founder Jeff Bezos left Seattle for Miami in late 2023, later selling his Hunts Point mansion for a record $63 million
- He’s currently worth $292 billion, so he would have owed nearly $15 billion had he stayed
- Opponents have spent more than $187 million fighting the measure, compared with about $32 million from supporters
- One was a $101.5 million, 11,855-square-foot property in the Coconut Grove neighborhood
Summary
While some billionaires like Nvidia CEO Jensen Huang are “ perfectly fine ” with the measure, others left the state ahead of the cutoff. In late December, Koop, Page’s family office, was converted out of California and incorporated in Delaware, Fortune ’s Sasha Rogelberg previously reported. Page bought two Miami estates for a combined $173.4 million, The Wall Street Journal reported early this year, citing people familiar with the matter. Page isn’t the only tech billionaire to trade the West Coast for Miami as states move to tax the rich. Amazon founder Jeff Bezos left Seattle for Miami in late 2023, later selling his Hunts Point mansion for a record $63 million.