Mark Zuckerberg is kept in California through a new stock deal amid concerns over a wealth tax
Meta reached a deal with Mark Zuckerberg to keep him in California for eight years, offering financial incentives and new non-voting shares. The company plans to issue a new stock class in January 2027, allowing him to sell half his stake.
- Meta struck a deal with Mark Zuckerberg to keep him in California.
- Zuckerberg agreed to remain a California resident for eight years.
- The proposed California wealth tax is a one-off levy of 5 percent on billionaires' assets.
- Meta announced it would issue a new share class of Class C stock.
- Zuckerberg's net worth is estimated at more than $220 billion.
- The 'Building a Better California' committee has raised more than $333 million.
- Zuckerberg will receive non-voting shares to potentially cover a tax bill.
- Americans for Tax Fairness states there are around 225 billionaires residing in California.
- The tax would apply to residents with a primary residence in the state as of a specific date.
- Zuckerberg holds about 60.6 percent of voting control at Meta.
- Meta's third quarter revenue increased by 26 percent.
- The California voters will decide on Proposition 40 on November 3.
- The new shares allow Zuckerberg to sell some shares for various reasons.
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