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The Economic Times
The Economic Times
National

Mark Zuckerberg makes deal with Meta to help him pay billionaire tax if it passes

Mark Zuckerberg Meta California Sergey Brin

Sacramento: Mark Zuckerberg made a deal with Meta's board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week.

If passed by voters in the November 3 election, the measure would levy a one-time 5 per cent tax on the wealth of Californians whose net worth exceeds USD 1 billion. Zuckerberg is the sixth-richest person in the world with a net worth estimated at more than USD 220 billion, according to Forbes. That would put his tax liability at more than USD 11 billion.

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