Zuckerberg warned Meta that he could leave California if the state's proposed billionaire wealth tax passed, and said he was evaluating relocating his primary residence outside the state. The board responded by approving publicly listed Class C shares with no voting rights, allowing him to sell 20% of them without reducing voting control. In return, Zuckerberg agreed to remain a California resident, or live wherever Meta's headquarters is, for eight years, and his remaining shares face restrictions that ease over time, subject to his continued leadership. The measure on the November 3 ballot, Proposition 40, would impose a one-time 5% tax on billionaire wealth, which would be about $12.4 billion on his estimated $247 billion fortune. The new structure is scheduled to take effect on January 19, 2027.
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METAMark ZuckerbergtaxesCaliforniacorporate governance
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Related tickers and likely impact
META
• NeutralMeta Platforms
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $1.9T |
| Close on 10/21/2026 | 698.43 |
| Change that session | +0.60% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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