The Globe and Mail reports in its Tuesday edition that billionaires including Peter Thiel, a tech venture capitalist, and Larry Page, co-founder of Google, are considering cutting or reducing their ties to California by the end of the year because of a proposed ballot measure that could tax the state's wealthiest residents. A New York Times dispatch to The Globe says 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. Mr. Page, 52, a long-time resident of Palo Alto, has discussed leaving the state by the end of the year. In mid-December, three limited liability companies associated with Mr. Page filed documents to incorporate in Florida. A potential California ballot measure calls for residents worth more than $1-billion (all figures U.S.) to be taxed the equivalent of 5 per cent of their assets. If the measure gains is approved by a state ballot in November, it will retroactively apply to anyone who lived in California as of Jan. 1, 2026. Those with $20-billion in assets would face a one-time tax of $1-billion and have five years to pay it.