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Mark Zuckerberg Will Stay in California Even if Billionaire Tax Passes—After Spending $112M on Palo Alto Megacompound

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Source: Realtor.com News
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Meta and its CEO Mark Zuckerberg have reached an agreement which will keep the social media mogul in California after he raised concerns over a proposed billionaire wealth tax. Proposition 40, a ballot initiative that would establish a one-time tax of up to to 5% of a billionaire’s net worth, so long as they were a California resident on January 1, 2026, caused Zuckerberg to tell Meta he was considering moving his primary residence outside California. If the measure passes in November, Zuckerberg could see a tax bill of $12.5 billion, due to his nearly $250 billion net worth. Under the agreement, Zuckerberg will receive non-voting Class C Meta shares that he can sell to cover the potential wealth tax bill. In return, he must commit to remaining a resident of California, where Meta is headquartered, for eight years, according to a company filing. The CEO will be able to immediately sell up to 20% of his Class C shares, representing 10% of his “overall economic stake in the Company,” which would allow him to pay the proposed tax without impacting his majority voting control.

This article is an excerpt. To read the full content, visit the original source. Realtor.com News

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