Meta Platforms (META) disclosed on October 21, 2026, that its board approved a new class of non-voting Class C common stock structured in significant part to address CEO Mark Zuckerberg's personal exposure to California's proposed Proposition 40 — a one-time 5% wealth tax on billionaires that could saddle him with a liability exceeding $12 billion on an estimated net worth of $240 billion to $247 billion.
The buried detail that may matter more than the tax math: Zuckerberg committed to remaining a California resident — or wherever Meta maintains its corporate headquarters — for eight years, a binding concession the board's special committee of independent directors deemed essential during what it called an era of intensifying AI competition.
