The looming implementation of a hefty new wealth tax in California has reportedly driven at least six billionaires, including notable figures like Larry Page and Peter Thiel, to sever their connections with the state. It is anticipated that up to 20 more could follow suit.

These billionaires took action before the year-end deadline to sidestep a potential one-time 5% tax on assets exceeding $1 billion. This proposed tax measure will be put to a vote by California residents in November, as reported by Bloomberg News.

Tax consultant David Lesperance, who specializes in assisting affluent clients in relocating from high-tax areas, revealed to the outlet that he aided four billionaires in relinquishing their California residency prior to the January 1 deadline.

Divesh Makan, co-founder of the Silicon Valley investment powerhouse ICONIQ Capital and a financial advisor to some of the wealthiest individuals in the tech sector, shared that he is aware of at least five families who have already exited the state.

Makan further projected to Bloomberg that an additional 15 to 20 billionaire families might leave if the tax proposal gains voter approval — a notable fraction of the approximately 200 billionaires residing in California.

Google co-founder Page has quietly shifted his base to Florida after snapping up roughly $173 million worth of waterfront property in Miami’s Coconut Grove.

He bought a $101.5 million estate in December, followed days later by a $71.9 million mansion less than a mile away. The moves coincided with the formation of Florida-based entities tied to his family office.

Page officially cut ties between California and most of his assets ahead of the Jan. 1 deadline, according to Business Insider.

Thiel, the billionaire PayPal co-founder and prominent conservative donor, has also deepened his Florida footprint.

Thiel, who has long criticized wealth taxes, announced on Dec. 31 that his investment firm, Thiel Capital, had opened a Miami office. He has already registered to vote in Florida and has been spending more time outside California, even as he still maintains a home in Los Angeles.

The Post has sought comment from Page and Thiel.

David Sacks, a billionaire venture capitalist and co-founder of Craft Ventures, announced on the final day of 2025 that his firm had opened an office in Austin, Texas.

Sacks, who previously lived in San Francisco, relocated earlier in December, timing the move just ahead of the proposed residency cutoff.

His announcement did not mention the wealth tax, though it came as chatter around the ballot initiative grew louder.

Others are openly weighing exits. Sergey Brin, Google’s other co-founder, has been reported by real estate and industry sources to be in discussions to buy a waterfront home in the Miami area, though no deal has been confirmed.

Tech investor Chamath Palihapitiya has publicly said he is giving “serious consideration” to moving to Texas, warning that the tax could drive entrepreneurs and capital out of California.

Not every billionaire is bolting.

Nvidia CEO Jensen Huang said this week that he has no plans to leave Silicon Valley and is “perfectly fine” paying the tax if it becomes law — a stance the union backers of the measure have seized on as evidence the exodus is overstated.

Real estate developer John Sobrato has also said he is staying put, though he expects the proposal to ultimately fail at the ballot box.

Backers of the ballot initiative argue the tax is a necessary response to a looming fiscal crisis, pointing to a projected $190 billion shortfall in funding for Medi-Cal over the next decade after federal healthcare cuts.

The bulk of the proceeds from the tax, championed by the Service Employees International Union-United Healthcare Workers West, would be earmarked for healthcare, education and food assistance programs.

Supporters say the levy targets a narrow group whose wealth has surged in recent years and argue that it would have little impact on billionaires’ lifestyles while generating tens of billions of dollars for public services.

They also point to other states where higher taxes on the wealthy have not led to sustained exits.

“The state forgets that the top 1% pays nearly half of the income tax,” William Stern, founder of Cardiff, told The Post on Thursday.

“If you chase the ‘golden goose’ out of the state with a wealth tax, who pays for the lights? This isn’t a political debate — it’s a math problem.”

Stern warned that if the tax base leaves, “the burden shifts to the middle class.”

“We are watching a state commit economic suicide by trying to tax money that hasn’t even been made yet.”

Advisers who work with the ultra-rich say the mobility of billionaires is precisely what makes the proposal risky.

“If you look at the 200 targets, they don’t need to be in California to make and maintain their wealth,” Lesperance, managing director of Lesperance & Associates, told Bloomberg News.

“All my clients have family offices who are going to dot the I’s and cross the T’s and put the notices in Business Wire and change the voters registration and all that stuff.”