By Abdul Masih —
We just saw a T-Rex fly.
Ahead of California’s mega tax on billionaires, Google co-founders Sergey Brin and Larry Page have exited the state, demonstrating that punishing the rich actually punishes the poor. When capital leaves California, everyone is poorer.
T-Rex LLC, formed in 2006 and linked to Brin and Page, converted out of California into a Delaware LLC called T-Rex Holdings on Dec. 24, 2025, according to a California filing reviewed by Business Insider.
A proposed ballot measure would make the roughly 200 California residents whose assets exceed $1 billion pay a one-time 5% tax. If the ballot measure is approved in November, it would take effect retroactively for residents living in California as of January 1, 2026. The measure attempts to address a projected multibillion-dollar state budget deficit.
The measure is likely to win on the ballot as Californians have ascribed to socialist ideas for decades now. It’s always the same game: raise taxes, especially on the rich, to pay for bureaucrats and bloated government systems that serve Californians less than the serve government employees.
Tesla relocated its legal and corporate headquarters to Austin, Texas, in 2021 after legislators ramped up overregulation and overtaxation.
California’s billion dollar aerospace industry has remained in California largely due to congressional pressure. Former House of Representatives Speaker Nancy Pelosi (D-San Francisco), by overseeing the world’s largest budget (the U.S. budget), could freeze out of federal defense expenditures for any company that left California. CA Gov. Gavin Newsom is indirectly related to Pelosi through marriage.
While Nancy has stepped back from the speakership, California aerospace companies must think twice before leaving the state, as bad as taxes are, since they depend disproportionately on Washington D.C. California has 52 representatives in the House, more than any other state.
Other companies can dip more easily.
It is not known what T-Rex Holdings, a “management company,” does, but it’s gone. The LLC’s name is thought to be a reference to Stan, a bronze T. rex statue that presides over Google’s headquarters in Mountain View, California.
When capital (money) leaves the state, residents can get less jobs, there’s less spending in the state, etc. Socialist calls for the ultra wealthy to pay their “fair share” resonates with have-nots, but the strategy is of no practical value, as demonstrated by the flying T-Rex.
