Zuckerberg agrees to stay in California for eight years as Meta creates nonvoting shares
Overview
Meta says in a regulatory filing that CEO Mark Zuckerberg has agreed to keep living in California for eight years, which could expose him to billions of dollars in one-time taxes if voters approve Proposition 40.
Under what Meta calls a "Founder Alignment Agreement," Zuckerberg can sell 20 percent of new nonvoting shares to pay any taxes he owes. The remaining 80 percent can be sold in chunks over eight years, but only while he remains in California.
Wired reports that recent polling suggests the measure will fail.
Written by AI from the articles below · updated Oct 21, 7:30 PM ET
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- Wired · AINewsZuckerberg agrees to stay in California for eight years amid billionaires' tax measure
AIMark Zuckerberg has agreed to keep living in California for eight years, potentially exposing himself to billions in one-time taxes if voters approve Proposition 40, according to a Meta regulatory filing released Wednesday. Under a "Founder Alignment Agreement," he can sell 20 percent of new nonvoting shares to pay any taxes he owes, with the remaining 80 percent sold over eight years only while he remains in California. Recent polling suggests the measure will fail.
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