Mark Zuckerberg considered leaving California over the billionaire tax
Meta CEO Mark Zuckerberg considered leaving California. He's staying on after Meta offered him a new class of shares.
TL;DR
- Meta CEO Mark Zuckerberg considered moving out of California due to a proposed billionaire tax (Proposition 40).
- Meta's special committee convinced Zuckerberg it was 'critically important' for him to remain near its Silicon Valley headquarters, particularly for its AI division.
- Zuckerberg agreed to remain in California or a jurisdiction with Meta's corporate headquarters for eight years, barring unforeseen circumstances.
- Meta is granting Zuckerberg a new class of stock, providing $20 billion in immediate liquidity to cover potential taxes without losing control or increasing his ownership percentage.
- Other tech billionaires, like Sergey Brin and Eric Schmidt, have publicly opposed the tax proposal with attack ads.