Internet Nvidia boss: Stay in California even with wealth tax
The prospect of a possible billionaire's tax in California is dividing Silicon Valley. Some of the super-rich have already started to pull out of the state, while others are waving goodbye.
07.01.2026, 05:18
SDA
Nvidia boss Jensen Huang, for example, told Bloomberg TV that he had not even considered moving away. "We have chosen to live in Silicon Valley - and whatever taxes they want to introduce, so be it."
Google co-founder Larry Page, on the other hand, is said to be about to pull up stakes in California. The company that manages his family's assets moved to Delaware in December, as the website "Business Insider" reported, citing documents filed with authorities in both states. Billionaire investor Peter Thiel relocated his financial firm to Florida, according to Bloomberg. David Sacks, a venture capitalist and currently President Donald Trump's AI commissioner, moved his headquarters to Austin, Texas. This is where tech billionaire Elon Musk moved years ago.
Wealth tax could be put to the vote in November
The proposed one-off tax of five percent on large fortunes is far from a done deal. A signature campaign is currently underway to put the measure to the voters in California in November 2026. California Governor Gavin Newsom also spoke out against it. According to the initiators' plans, the money raised would be used to plug funding gaps in the healthcare and education sectors, among others. If the levy is passed, it will apply to billionaires who were domiciled in California on January 1.
Google co-founder Page is currently in second place behind Musk in the Bloomberg financial service's ranking of the rich, with an estimated fortune of 270 billion dollars. It mainly consists of shares in Google's parent company Alphabet. Page lived in Palo Alto for a long time, not far from Google's headquarters in Mountain View. Nvidia co-founder Huang ranks 9th in the Bloomberg list with a fortune of around 155 billion dollars. Nvidia has its headquarters in Santa Clara, which is also home to other chip companies such as Intel and AMD.
