A wealth tax floated in California has billionaires thinking of leaving

LOS ANGELES – Billionaires, including tech venture capitalist Peter Thiel and Google co-founder Larry Page, are considering cutting or reducing their ties to California by the end of 2025 because of a proposed ballot measure that could tax the state’s wealthiest residents, according to five people familiar with their thinking.

Mr Thiel, 58, who owns a home in the Hollywood Hills and operates a personal investment firm from Los Angeles, has explored opening an office for that firm, Thiel Capital, in another state, and spending more time outside California, three of the people said.