Meta restructures stock so Zuckerberg can cover possible California wealth tax
Meta's board approved a plan creating new shares Mark Zuckerberg can sell to pay a proposed California wealth tax, and he agreed to stay in the state for eight years.
Meta's board approved a plan to create new shares that Mark Zuckerberg can sell to pay a proposed California wealth tax, according to CBS News. Zuckerberg agreed to stay in California for eight years as part of the plan, CBS reports.
BBC News reports Zuckerberg had said he would leave the state over the tax, which has not yet taken effect. CBS also says he threatened to leave.
The New York Times reports he told the board he planned to list his Silicon Valley home for sale. It says Meta then changed its stock structure to help him pay the tax if voters approve it.
The reports do not say how many shares would be created or what the tax would cost him.
Reported by
- The New York TimesHow Mark Zuckerberg Pushed Meta to Shield Him From California’s Proposed Wealth TaxWed, Oct 21, 9:21 PM EDT
- CBS NewsMark Zuckerberg threatened to leave California over wealth taxThu, Oct 22, 10:28 AM EDT
- BBC NewsMeta shields Mark Zuckerberg from possible 'billionaires tax' hitThu, Oct 22, 2:26 PM EDT
This story was written by AI using only the reports listed above, and published without a person reviewing it first. It is rewritten as new reports arrive. Read the original reporting for full detail. Spot an error? Tell us.
Earlier versions (1)
- Thu, Oct 22, 10:35 AM EDT, 2 outlets: Zuckerberg told Meta's board he would sell his home; company changed stock structure