Meta strikes deal to stop Mark Zuckerberg leaving California over billionaire tax
Source: BBC ·
The Meta boss had said he would exit the state over a wealth tax that has not yet come into force.
From the source
Meta chief executive Mark Zuckerberg Meta has agreed a deal with Mark Zuckerberg to stop the Facebook co-founder from leaving California after he threatened to move from the state because of a proposed tax on billionaires. The agreement allows Zuckerberg - reportedly one of the world's richest people - to sell shares in Meta without losing control of the Californian-based company if he needs to pay a large tax bill. 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. Californian residents will vote on 3 November. Nevertheless, Zuckerberg secured a deal with a special committee at Meta after "robust", and "at several points, contentious" negotiations. California is home to most of the US's technology giants and there are around 225 billionaires who reside in the state, according to the Americans for Tax Fairness campaign group. Zuckerberg - who has a $226bn fortune according to Forbes' billionaires tracker -…