Mark Zuckerberg considered leaving California over the billionaire tax
Meta CEO Mark Zuckerberg considered relocating from California to avoid a proposed state billionaire tax. To ensure he remains in the state to lead Meta's AI initiatives, the company granted him a new stock class providing $20 billion in liquidity.
Why it matters
This highlights the extreme measures large corporations take to retain key leadership and the influence of state tax policy on the location of major tech hubs.
Meta CEO Mark Zuckerberg. Finn Gomez/Getty Images Meta CEO Mark Zuckerberg considered moving out of California because of a proposed billionaire tax. Zuckerberg would get $20 billion in "immediate liquidity" if the billionaire tax passes. Meta made the offer to Zuckerberg to help keep him in California after he considered leaving. Meta CEO Mark Zuckerberg considered moving out of California because of its proposed billionaire tax, Meta disclosed in a new SEC filing on Wednesday. Next month, Californians will vote on Proposition 40, a one-time tax on the assets of the state's billionaires. The filing said that Zuckerberg told a special committee formed by Meta that he was considering moving. In response, the committee concluded that it was "critically important" for Zuckerberg to keep running Meta close to its Silicon Valley headquarters — particularly to its AI division, Meta Superintelligence Labs.
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Meta Approves Stock Plan to Keep Mark Zuckerberg in California
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