Explainer
Can Meta keep Zuckerberg in California before the tax vote?
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Mark Zuckerberg lives in Palo Alto, and Meta's headquarters sits in Menlo Park. He told directors he was weighing a move out of California.
Menlo Park and Palo Alto
California votes in November on a one-time 5% levy on billionaires. Zuckerberg's lawyers warned it could force him to sell voting shares, and estimates put his bill at as much as 11 billion dollars.
$11bn
Under the deal, he can sell up to 20% of the new non-voting shares right away, and in return he stays in California for eight years.
20%
Meta's board says: 'His talent and leadership have been crucial to our growth, strategy, and stability since our inception, and the special committee wants that to continue.'
“His talent and leadership have been crucial to our growth, strategy, and stability since our inception, and the special committee wants that to continue.”
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The story
Meta gives Zuckerberg non-voting shares to keep him in California before wealth tax voteRead the article
Based on reports by
- Bloomberg BusinessMark Zuckerberg Plots Deal to Pay Wealth Tax, Keep Meta Control
- LesEchos.frMeta: the price of keeping Mark Zuckerberg at home
- Il Fatto QuotidianoCalifornia billionaire tax: Meta gives shares to Zuckerberg to secure his control
- The New York TimesMark Zuckerberg pressured Meta to protect him from a possible wealth tax
- BBCMeta strikes deal to stop Mark Zuckerberg leaving California over billionaire tax
- Diário de NotíciasMark Zuckerberg considered leaving California due to wealth tax proposal