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.
Fortune could not reach Page for comment.
“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.
