Zuckerberg strikes deal with Meta's board to stay in California as billionaire tax vote looms

Meta CEO Mark Zuckerberg and the company’s board agreed to a deal aimed at helping him pay California’s proposed billionaire wealth tax while keeping his control over the company, according to a regulatory filing released alongside Meta’s latest earnings. Meta reported third-quarter revenue of $64.6 billion, up 26% year over year, and said it spent $34.9 billion on capital expenditures, much of it for AI infrastructure, with full-year spending projected at $135 billion to $145 billion. The deal involves creating Class C non-voting shares starting in January 2027, negotiated over eight months and shaped in part by California’s Proposition 40, a one-time 5% tax on net worth above $1 billion.