Mark Zuckerberg negotiated a deal with Meta's board to remain in California for eight years, a move driven by the state's potential billionaire tax. The agreement allows Zuckerberg to sell up to 20 percent of his Class C shares, or about 10 percent of his financial stake, "for any reason." In exchange, he agreed to reside in California, where his net worth is estimated at $247 billion but his wealth is less liquid. To cover an estimated $12.5 billion tax liability, Zuckerberg would need to sell "supervoting" shares, potentially reducing his voting power from 60 to 53 percent.
The new share structure lets him raise billions without weakening his company grip. Meta's move highlights tech executives' fears regarding California's tax policy. Meanwhile, dozens of moguls, including Google co-founder Sergey Brin and several Meta board members, have donated millions to oppose the proposal.
Polling suggests support for the measure has fallen, with odds of passage on Kalshi and Polymarket under 25 percent. Oil prices surged as Brent crude briefly traded above $112 due to escalation fears involving Iran. The FCC chair threatened news outlets over election polling, while Goldman Sachs launched a $500 million A.
I. initiative for small businesses through its 10,000 Small Businesses program.
Source: New York Times Business · Summarized by HeadlinesBriefing