Mark Zuckerberg threatened to leave California over proposed billionaire tax, Meta says
Meta CEO Mark Zuckerberg threatened to relocate from California if a proposed billionaire wealth tax is passed by voters. To ensure his continued leadership in the state, Meta's board approved a new class of nonvoting stock to help him pay the tax without losing control of the company.
Why it matters
This highlights the tension between state-level tax policy and the mobility of high-net-worth individuals and major corporations.
Meta CEO Mark Zuckerberg threatened to move out of California if residents of the state approve a first-of-its-kind billionaire wealth tax when voters head to the polls on Nov. 3, the company said in a new regulatory filing. Because of his concerns over the wealth tax, Zuckerberg told Meta that he was "evaluating relocating his primary residence outside California and that steps toward any such relocation, including any listing of his residential real estate in California on the market, would be public and inevitably noted and commented upon by company employees and, accordingly, raise questions for management of the company going forward," the filing states.Meta said that because Zuckerberg's presence near the company's Menlo Park, California, headquarters is "critically important" to its success, the company took an unusual step: Its board approved a new class of nonvoting common stock that he can sell to raise cash to pay the wealth…
Headlinne story · 6 newsrooms
Meta Approves Stock Plan to Keep Mark Zuckerberg in California
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