Mark Zuckerberg threatened to leave California over proposed billionaire tax, Meta says

Meta CEO Mark Zuckerberg said he would consider leaving California if voters approve a new “billionaire wealth tax” on Nov. 3, according to a regulatory filing. The proposal, known as Proposition 40, would impose a one-time 5% state tax on billionaire wealth, targeting about $12.4 billion of Zuckerberg’s estimated $247 billion net worth. Meta responded by taking an unusual step: its board approved a new class of nonvoting common stock that Zuckerberg can sell to fund the tax if the measure passes, helping him avoid selling voting shares and losing control. Zuckerberg told Meta he will remain a California resident for eight years. The filing also notes the state’s healthcare system is the intended beneficiary.