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

Meta Platforms has reached an agreement with CEO Mark Zuckerberg to ensure he remains a resident of California for eight years following concerns over a proposed wealth tax. The billionaire is considering relocating his primary residence outside the state due to the potential for a significant tax liability, which could force him to sell voting shares to pay the tax.

As part of the deal, Zuckerberg will receive non-voting shares that he can sell to cover the tax bill if Proposition 40 passes. This ballot measure, dubbed the "California wealth tax," aims to impose a one-time 5% tax on the state's billionaires. While the measure's chances of passing remain uncertain, California is home to as many as 250 billionaires, collectively worth over $2 trillion.