Zuckerberg wins Meta deal to help him foot bill for possible California billionaire tax
Meta has agreed to a new deal with chief executive Mark Zuckerberg to keep him in California over a proposed state tax on billionaires.
Mark Zuckerberg has secured a deal with Meta to stay in California despite a proposed billionaire tax. The agreement gives Zuckerberg additional shares in Meta to offset potential tax losses. The California tax would impose a 5% levy on residents with net worth over $1bn, potentially costing Zuckerberg around $10bn. Zuckerberg negotiated the deal after intense discussions with Meta.
California is a hub for US technology giants with many billionaires residing there. Zuckerberg's wealth has surged, yet his effective tax rate in California was less than 1% annually. Despite considering moving his primary residence, Zuckerberg now has a guaranteed income stream through stock splits created by Meta. The company plans to spend up to $145bn on AI projects this year, a significant investment despite negative cash flow.
The move aims to keep Zuckerberg leading Meta from California amid the rapidly evolving AI landscape.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
