Meta CEO Mark Zuckerberg discussed leaving California over a proposed wealth tax on billionaires, according to the Wall Street Journal. The tax would have forced him to sell a significant number of Meta shares, potentially threatening his voting control of the company.
Zuckerberg feared the proposed state legislation could trigger a forced liquidation of his holdings, undermining his ability to maintain governance influence at Meta. The concern reflects broader anxieties among ultra-high-net-worth individuals about escalating tax proposals targeting concentrated wealth.
California has long considered various wealth tax measures, though none have passed in recent years. The proposal reportedly gained traction among progressive lawmakers aiming to address income inequality and fund public services.
Zuckerberg’s potential departure underscores growing tensions between tech executives and state tax policies. Relocating could have major implications for Meta’s headquarters and California’s tax base, highlighting the mobility of wealthy individuals in response to fiscal policy shifts.
Source: Wall Street Journal US Business · Summarized by HeadlinesBriefing