Meta reaches deal with Mark Zuckerberg over proposed California billionaire tax
Meta has agreed to a deal allowing chief executive Mark Zuckerberg to sell company stock to cover potential California billionaire tax liabilities without losing voting control.
Meta has finalized an agreement with chief executive Mark Zuckerberg to address potential liabilities arising from a proposed California wealth tax targeting billionaires. According to disclosures, the arrangement is designed to keep Zuckerberg residing in California, where the company is headquartered, following reports he considered relocating over the legislative proposal.
Under the terms of the deal, Zuckerberg will be permitted to sell company stock to cover prospective tax obligations without relinquishing his voting control over the social media firm. The measure responds to ongoing discussions among California lawmakers regarding new tax frameworks for ultra-wealthy residents.
Sources: BBC News, The Guardian.