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Prop 40 Would Tax Billionaires 5% as Voters Decide

By Drooid · Oct 20, 2026, 6:33 PM UTC · How we work

Summary

California voters decide

California voters will decide Prop 40, a 5% tax on billionaires residing as of Jan. 1 2026.
Nvidia CEO Jensen Huang backs Prop 40 while Google cofounder Larry Page has left California.
Page, Sergey Brin, Peter Thiel and Travis Kalanick together would owe about $29 billion, over one-quarter of Prop 40’s $100 billion revenue.
Opponents have spent over $187 million while supporters have spent about $32 million.
Billionaire-backed Props 41 and 42 would nullify Prop 40 if either passes.

Summary

Larry Page Delaware Conversions

Koop, Larry Page’s family office, converted from California to Delaware in late December.
Flu Lab LLC, One Aero and Oceankind each re-incorporated in Delaware in December.
Fortune journalist Sasha Rogelberg reported the Delaware conversions of Koop and the related entities.
Larry Page simultaneously spent large sums on homes on the opposite U.S. coast.

Summary

Jeff Bezos sells

Larry Page bought two Miami estates for $173.4 million, including a $101.5 million Coconut Grove home.
Jeff Bezos sold his Hunts Point mansion for $63 million and now lives in a $237 million Miami compound.
Washington enacted a 9.9% tax on household income above $1 million, with voters deciding its repeal on Nov. 3.
Howard Schultz moved from Seattle to Miami in March, purchasing a $44 million penthouse.

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California voters decide

California voters will decide Prop 40, a 5% tax on billionaires residing as of Jan. 1 2026.
Nvidia CEO Jensen Huang backs Prop 40 while Google cofounder Larry Page has left California.
Page, Sergey Brin, Peter Thiel and Travis Kalanick together would owe about $29 billion, over one-quarter of Prop 40’s $100 billion revenue.
Opponents have spent over $187 million while supporters have spent about $32 million.
Billionaire-backed Props 41 and 42 would nullify Prop 40 if either passes.

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