Meta Creates Non-Voting Shares to Anchor Zuckerberg in California Amid Wealth Tax Vote
Meta Platforms has established a new class of non-voting stock to ensure CEO Mark Zuckerberg remains in California despite the potential passage of Proposition 40, a one-time 5% wealth tax. The move allows Zuckerberg to liquidate up to 20% of his economic stake to cover a potential $12 billion tax liability without diminishing his voting control. In exchange, Zuckerberg has committed to residing in California for eight years, preserving his leadership role at the Menlo Park headquarters.