Google founders Sergey Brin and Larry Page may not be feeling too welcome in the state of California. As per a California filing reviewed by Business Insider, T-Rex LLC, formed in 2006 and linked to Brin and Page, converted out of California into a Delaware LLC called T-Rex Holdings on December 24, 2025.
Reportedly, the move comes as California’s wealthiest residents are weighing whether to leave the state, a proposed ballot measure would make the roughly 200 California residents whose assets exceed $1 billion pay a one-time 5% tax.
Such conversions are legal mechanisms that allow companies to change their state of incorporation or registration. By moving to Delaware, a state known for its business-friendly laws and corporate flexibility, T-Rex Holdings gains access to established legal frameworks, efficient corporate courts, and potentially more favorable regulatory and tax treatment.
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Although the conversion itself does not necessarily indicate any immediate operational changes, observers note that the timing may be relevant in the context of California’s proposed wealth tax, which could impact high-net-worth individuals who maintain residency or substantial holdings in the state.
Reportedly, if the ballot measure is approved in November, it would take effect retroactively for residents living in California as of January 1, 2026.
Business and legal analysts emphasize that converting an LLC to a Delaware entity can be part of long-term estate, tax, and asset management planning, particularly for wealthy individuals with complex portfolios.
The T-Rex conversion demonstrates the intersection of corporate law, wealth management, and strategic planning for influential figures in the tech industry.
What is the California Billionaire’s Tax?
The California billionaire’s tax is a proposed one-time wealth tax aimed at the state’s ultra-wealthy residents. Under the proposal, individuals with assets exceeding $1 billion would be required to pay a 5% tax on the value of their holdings above that threshold. The tax is designed to raise revenue for state programs, including housing, education, and healthcare, by targeting the largest fortunes in California.
Supporters argue that the tax would help address inequality and generate funds for pressing social needs without burdening the majority of residents. Critics, however, warn that it could drive high-net-worth individuals to relocate or restructure their assets to avoid taxation, potentially reducing investment in the state.
The situation with T-Rex LLC highlights the broader challenges states face when attempting to tax extreme wealth. Policies aimed at high-net-worth individuals often provoke strategic responses, including the supposed relocation or restructuring of assets, demonstrating how financial planning and corporate law intersect with public policy.
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Wealth taxes can provide significant revenue for social programs, but their effectiveness depends on careful implementation and enforcement, as well as on the behavior of those affected.
The California billionaire’s tax initiative also underscores the tension between raising revenue and maintaining a competitive environment for business and investment.
While supporters see it as a tool to address inequality and fund essential services, critics worry about potential unintended consequences, including capital flight or reduced economic activity. Ultimately, cases like T-Rex illustrate that implementing taxes on extreme wealth involves balancing fiscal goals with legal, economic, and strategic considerations.