Meta strikes deal with Zuckerberg to protect him from California wealth tax
Source: The Guardian ·
Company says deal will keep its chief executive living in California even if state brings in one-off billionaire taxBusiness live – latest updatesMeta has struck a deal with Mark Zuckerberg to protect him from the threat of a California wealth tax targeting billionaires.The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that the arrangement would keep…
From the source
Meta has struck a deal with Mark Zuckerberg to protect him from the threat of a California wealth tax targeting billionaires. The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that the arrangement would keep its chief executive living in California, where its headquarters are located. Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill in the event that California passes a one-off billionaire tax. In return, he is committed to remain a resident of the state, or wherever Meta maintains its base, for eight years Californians will vote early next month on Proposition 40 – a one-time 5% tax on the roughly 250 billionaires who live in the state. Zuckerberg, worth $239bn according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it. In…
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