Zuckerberg Secures Stock Deal to Offset California Wealth Tax

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Meta has negotiated a substantial stock arrangement with chief executive Mark Zuckerberg to address his stated concern about a proposed California wealth tax. The measure, which would impose a one-time 5% levy on residents worth more than $1 billion, could cost Zuckerberg approximately $10 billion if approved by voters in November. Although his effective California tax rate currently remains below 1% annually, Zuckerberg indicated to Meta's board that he was considering relocating his primary residence out of the state and selling his California properties in Palo Alto and Lake Tahoe, citing both personal preference and potential complications for company leadership.