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.
The wealth tax is before California voters in the election that concludes Nov. 3. If passed, the measure would levy a one-time 5% tax on the wealth of Californians whose net worth exceeds $1 billion. Zuckerberg is the sixth-richest person in the world with a net worth estimated at more than $220 billion, according to Forbes. That would put his tax liability at more than $11 billion.
Actions announced by the tech giant on Wednesday will keep Zuckerberg as the majority owner of the company -- and also give him the ability to sell some of a new class of non-voting shares “for any reason,” including to pay potential bills from the wealth tax.
