According to a new regulatory filing, Meta CEO Mark Zuckerberg considered leaving California over concerns that Proposition 40, a ballot measure imposing a one-time 5% tax on California billionaires' assets, could reduce his control of the company, and Meta's board struck a deal to keep him in the state. Zuckerberg holds roughly 60% of voting power despite owning about 13% of shares, because Class B shares carry 10 votes each. He earns an annual salary of $1, so most of his wealth, which exceeds $200 billion, is tied to his Meta stake, and selling Class B shares to pay the tax could reduce his voting majority. Under the deal, Meta will issue non-voting Class C stock starting in January, and Zuckerberg can sell or transfer up to 20% of it so his voting majority is preserved. He had also told the board in September that he planned to list his Palo Alto home for sale, and the filing stresses that his leadership and presence at headquarters are critical at this inflection point for the company and the tech industry.
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