Meta deal keeps Mark Zuckerberg through 2034 with nonvoting shares
Meta just made a deal to keep Mark Zuckerberg in California, or wherever Meta maintains its headquarters, through 2034.
This move comes as the state considers a new wealth tax that could hit billionaires hard, including Mark Zuckerberg, whose net worth sits around $240 billion.
To help with any financial hits from the tax, Meta will give him nonvoting shares he can sell to potentially cover a tax bill.
California Proposition 40 would tax billionaires
The proposed "Proposition 40" would slap a 5% tax on California's richest, targeting about 250 billionaires statewide.
To manage this, Zuckerberg can sell up to 20% of his new shares and Meta is planning a two-for-one stock split next year.
The company says keeping Mark Zuckerberg at the helm is key, especially with all the competition heating up in AI right now.