Mark Zuckerberg pressured Meta’s board to shield him from California’s proposed billionaire wealth tax. After an ultimatum on Sept. 9, Meta announced a new stock class in January, allowing Zuckerberg to sell shares without losing his 60.6% voting power. The move follows SEC filings revealing his leverage and fear of Proposition 40, which could tax his $247 billion net worth by $12.5 billion.
The restructuring also funds Meta’s AI investments.
Source: New York Times Top Stories · Summarized by HeadlinesBriefing