In a significant shift among California’s elite, Google co-founder Larry Page is reportedly contemplating a swift exit from the state, spurred by the looming possibility of a new billionaire tax. As California’s wealthiest residents scramble to safeguard their fortunes, Page is not alone in this strategic maneuvering.

Among those considering a departure is venture capitalist Peter Thiel. Both Page and Thiel are actively seeking to sever their financial ties with California, driven by a potential ballot measure that threatens to impose a 5% tax on their total wealth. For Page, this could mean a colossal tax bill of $12 billion, while Thiel might face a levy of $1.2 billion, as reported by the New York Times.

The Times reveals that companies linked to Page have already taken steps by filing documents to establish operations in Florida. Similarly, Thiel, known for his role in founding PayPal and owning a residence in the Hollywood Hills, is considering relocating his venture firm outside the state.

Chamath Palihapitiya, a prominent venture capitalist and former Facebook executive, also indicated in a post to Senator Ted Cruz on platform X that relocating to Texas is under “serious consideration.”

Proponents of the proposed billionaire tax, set to appear on the November 2024 ballot if supporters can amass approximately 870,000 signatures by spring, argue that it could generate $100 million. This revenue is envisioned as a lifeline for California’s struggling healthcare system, drawing on the wealth of around 200 residents with net worths exceeding $1 billion.

But The Post first reported that targets of the billionaire tax are making plans to change their residencies imminently — before the end of 2025 — because the proposed wealth tax would affect billionaires residing in California at the start of 2026.

The tax is sure to backfire, said David Lesperance, a tax advisor who works with California billionaires in venture capital and private equity.

That’s because the Golden State relies disproportionately on taxes from wealthy people, with the top 1% of earners contributing nearly 40% of income tax revenue as of 2022, according to a state budget analyst.

California’s legislative analyst acknowledged it was “likely” that some billionaires will leave the state rather than paying the tax, resulting in an ongoing loss of “hundreds of millions of dollars or more per year” in tax revenue.

And wealthy people are often the most easily able to pack up and move to tax-friendlier locales like Nevada, Florida or Texas, according to Lesperance.

“Those Golden Geese have wings!” he added.

Billionaires may take steps such as selling or renting California properties, spending less time in the state, moving business offices, and changing drivers’ license or voting registrations to prove that they reside elsewhere, Lesperance added.

A committee opposing the billionaire tax, called Stop the Squeeze, has raised $100,000 from venture capitalist Ron Conway.

California Gov. Gavin Newsom has publicly opposed the billionaire’s tax, but could face pressure from progressives eager to milk more revenue from the state’s richest taxpayers.

Suzanne Jimenez, a chief of staff for the SEIU-UHW union behind the measure, called the one-time, 5% wealth tax a “very minor tax.”

“They’d still be paying less than what they were paying under President Reagan,” Jimenez said.