Meta’s deal to keep Zuckerberg in California adds fuel to wealth tax debate ahead of election - CNBC
Meta has implemented a new stock plan to help CEO Mark Zuckerberg offset potential tax liabilities if California's proposed 'billionaires tax' (Proposition 40) passes. This move highlights the trend of high-net-worth individuals and companies navigating state-level wealth tax policies.
Why it matters
The deal underscores the growing friction between California's tax policies and the state's major tech companies, potentially influencing future corporate residency decisions.
In case there were any doubts, Mark Zuckerberg is staying in California.
Meta was apparently concerned enough that its founder and CEO might depart its home state that the company put in place a new stock plan that could help offset the burden of higher taxes should a billionaires tax, known as Proposition 40, pass on Election Day on Nov. 3.
The disclosure came in a filing on Wednesday that coincided with Meta's third-quarter earnings report, and represents a first among California's mega-cap tech companies. Zuckerberg, the sixth-richest person in the world, is one of the few among his peers to still reside in the state, along with Nvidia CEO Jensen Huang .
Headlinne story · 6 newsrooms
Meta Approves Stock Plan to Keep Mark Zuckerberg in California
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