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.
Meta has reached an agreement with CEO Mark Zuckerberg to retain him in California despite a proposed billionaire tax. The deal provides Zuckerberg with additional shares in Meta to offset potential tax losses. If approved, the measure would impose a 5% tax on California residents with a net worth over $1 billion, requiring Zuckerberg to pay around $10 billion in additional state taxes.
The agreement, called a "Founder Alignment Agreement," is in effect for eight years as long as Zuckerberg remains a California resident. Meta's board emphasized the importance of keeping Zuckerberg in California due to the company's transformation in the AI industry. Meta plans to spend up to $145 billion on AI projects this year, despite posting negative cash flow for the first time since going public.
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