Meta agrees with Zuckerberg that he will stay in California in exchange for new non-voting shares
Meta's board reached an agreement with Mark Zuckerberg for him to give up moving to another state in the face of the new wealth tax being processed in California. Meta will grant him new non-voting shares, which he may sell gradually over eight years, including to pay the tax. In exchange, the founder will keep his primary residence in the state where the company is headquartered during that period. The agreement, negotiated by a special committee, was filed with the SEC.
In 40 seconds
- Meta will give Zuckerberg a new class of non-voting shares, of which he may sell up to 20% gradually over eight years.
- Zuckerberg commits to keeping his primary residence in California for eight years, barring significant unforeseen circumstances.
- Proposition 40, still under consideration, would tax wealth above one billion dollars in California at 5%.
Read the full story at EL PAÍS
IASummary generated by artificial intelligence from a story by EL PAÍS. It may contain errors: the original source prevails.
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