Benzinga·2026-01-08 07:20Core Viewpoint - Silicon Valley's elite are splitting into two factions regarding the proposed "billionaire tax," with some, like Larry Page, leaving California, while others, like Jensen Huang, remain committed to the state [1][4]. Group 1: Larry Page's Exit - Larry Page, co-founder of Google, has moved his family office and key assets out of California ahead of the January 1, 2026 deadline for the proposed "Billionaire Tax Act" [2]. - Page's family office, Koop, was converted to a Delaware corporation, and he has physically left California to avoid potential billions in tax liabilities [3][5]. - The proposed tax would impose a 5% levy on global assets for residents as of January 1, 2026, which could significantly impact Page's net worth of $276 billion [3]. Group 2: Jensen Huang's Commitment - In contrast, Nvidia's CEO Jensen Huang has dismissed concerns about the proposed tax, stating that it does not influence his decision to remain in Silicon Valley [4]. - Huang emphasized the importance of the talent pool in Silicon Valley over tax considerations, indicating a focus on innovation rather than tax mitigation [4]. Group 3: Broader Implications - The proposed tax has sparked criticism from business leaders, warning of potential capital flight from California, with venture capitalist Vinod Khosla suggesting that the state would suffer greater losses by driving away top taxpayers [7]. - San Jose Mayor Matt Mahan described the tax proposal as detrimental to California's innovation economy, highlighting the growing divide between tech leaders and state legislators [7].