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Meta has struck a deal with Mark Zuckerberg to protect him from the threat of a California wealth tax targeting billionaires. The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that the arrangement would keep its chief executive living in California, where its headquarters are located. Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight yearsCalifornians will vote early next month on Proposition 40 – a one-time 5% tax on the roughly 250 billionaires who live in the state. Zuckerberg, worth $239bn according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it. In response, Meta is creating a new class of non-voting shares via a two-for-one stock split for all existing shareholders.

Mainly cloudy. Fog patches dissipating this morning. High 14. A few clouds. Increasing cloudiness late this evening. Wind becoming southeast 20 km/h before morning. Low plus 3.