Google co-founder Sergey Brin has committed significant financial resources, reportedly investing $57 million into a nonprofit group, to oppose California's proposed one-time 5% wealth tax on billionaires. Brin, who fled the Soviet Union with his family in 1979, voiced strong opposition to the measure in a statement to The New York Times, declaring, "I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union. I don't want California to end up in the same place." This statement highlights his deep concerns about the state's economic direction.
The proposed ballot measure seeks to impose a 5% tax on the assets of California residents with a net worth exceeding $1 billion, retroactively applying to those who resided in the state as of January 1, 2026. Brin's actions, including moving 15 limited liability companies and other assets out of California and relocating to Nevada, underscore the financial implications of the potential tax. He now reportedly spends every other week at Google's California headquarters.
Brin's political engagement has intensified in response to the wealth tax proposal. He has formed "Building a Better California," a nonprofit focused on affordability and state spending, contributing substantial funds to counter the measure and support other ballot initiatives. This marks a notable shift for Brin, who previously donated to liberal causes, with reports suggesting a move towards more conservative political leanings.
Other prominent tech figures, including Google co-founder Larry Page, Peter Thiel, and David Sacks, have also reduced their California ties or moved operations out of the state in anticipation of the tax. While advocates argue the tax would generate crucial funding for public services, critics, including Brin, warn it could prompt a significant exodus of wealth and job creators from California. Even Governor Gavin Newsom has reportedly expressed reservations about the tax, fearing it could stifle innovation.
