Meta strikes deal to keep Zuckerberg in California after wealth tax concerns

Meta Platforms and CEO Mark Zuckerberg have reached an agreement to ensure Zuckerberg remains a California resident for eight years, following his concerns over a proposed wealth tax. The agreement involves Zuckerberg receiving non-voting shares that he can sell to cover potential tax liabilities, should the wealth tax proposal pass.

The billionaire CEO, currently the world's sixth-richest person, feared that the California wealth tax could force him to sell his voting shares and lose control of the company. Zuckerberg's net worth is estimated at $240 billion, and he owns approximately 250 billionaires in California, collectively worth over $2 trillion. Meta plans to issue a new class of non-voting Class C common stock in January 2027, effectively conducting a two-for-one stock split, to fund acquisitions and retain top talent while preserving Zuckerberg's control over the company.