Mark Zuckerberg warned Wednesday that he could leave California if the state enacts a billionaire tax, according to a report by Politico. The tech billionaire threatened to move out of California if the new billionaire tax is implemented when voters head to the polls on November 3, the company said in a new regulatory filing. The measure, which would impose a one-time 5% tax on state residents with a net worth of more than $1bn (£750m), is yet to pass.
Zuckerberg owns a relatively small percentage of Meta's total economic value, but he controls most of its voting power because some of his shares carry extra votes. However, Meta has stepped in and has agreed a deal with Mark Zuckerberg to stop the Facebook co-founder from leaving California. The agreement allows Zuckerberg to sell shares in Meta without losing control of the Californian-based company if he needs to pay a large tax bill.
