Jensen Huang Says "I Won't Leave California Even If I Pay Wealth Tax"... Google, Oracle Big Tech Billionaires Say "I'm Leaving"

Google Co-Founder Larry Page Relocates Businesses
Palantir CEO and Oracle Chairman Also Accelerate Moves
Wealth Tax Push Drives Exodus... Jensen Huang Chooses to Stay

As California moves to introduce a wealth tax targeting billionaires, reports have emerged that leaders of major tech companies are leaving the state. According to Yonhap News on January 7 (local time), citing Fox Business, "Documents obtained by Fox News from the California Secretary of State's office indicate that several businesses associated with Larry Page, co-founder of Google, relocated outside of California last December." Previously, The New York Times reported that "Page had expressed his intention to leave California to those around him."

Several businesses associated with Google co-founder Larry Page reportedly relocated outside of California last December. Official website of the Academy of Achievement in the United States

According to Yonhap News, Peter Thiel, CEO of Palantir, is also reportedly considering relocation, while David Sacks, who served as the 'AI czar' under the Donald Trump administration and is currently Chair of the White House Office of Science and Technology Policy, has moved to Austin, Texas. Oracle Chairman Larry Ellison is said to have sold his home on San Francisco's Gold Coast for $45 million (approximately 6.53 billion won). The Wall Street Journal noted, "While the reason for the sale is unclear, Ellison's decision to sell his residence comes amid ongoing controversy over the proposed wealth tax."

Progressive Democratic lawmakers in California, along with the Service Employees International Union-United Healthcare Workers West (SEIU-UHW), are pushing for a one-time 5% tax on individuals with a net worth of $1 billion (about 1.4488 trillion won) or more. If this wealth tax bill passes, the tax will be levied based on net assets as of January 1 this year. According to asset information company Altrata, as of 2024, about 255 billionaires are registered as having their businesses based in California. This accounts for 22% of all billionaires in the United States.

Jensen Huang, CEO of Nvidia, said in an interview with Bloomberg TV on the 6th, "Even if a wealth tax is introduced, I will not leave California." Photo by AFP Yonhap News

In contrast, Jensen Huang, CEO of Nvidia and the ninth-richest person in the world, said in a Bloomberg TV interview on January 6, "Even if a wealth tax is introduced, I will not leave California." When asked about the wealth tax, Huang responded, "Honestly, I have never thought about that issue," adding, "We chose to live in Silicon Valley, and whatever tax is imposed, we will accept it." Huang's net worth is estimated at $162.6 billion (about 236 trillion won). If a 5% tax is applied, he would have to pay $7.75 billion (about 1.12545 trillion won).

Nvidia's headquarters is currently located in Santa Clara, California. Regarding this, Huang explained, "It's because the talent is there," and added, "Many in the tech industry are concerned about taxes, but I am not. I am someone who is shaping the future of AI."