Zuckerberg reaches agreement with Meta to pay California's billionaire tax if approved
Mark Zuckerberg reached an agreement with Meta's board of directors for the company to help him pay the proposed billionaire tax in California without losing his stake in the company, according to regulatory documents published this week. The measure will be voted on in the elections concluding on November 3 and, if approved, would levy a 5% tax on the wealth of Californians with more than $1 billion. The agreement allows him to sell part of a new class of non-voting shares.
In 45 seconds
- The proposed California tax would apply a flat 5% rate to wealth above $1 billion and will be voted on in the elections concluding on November 3.
- The agreement lets Zuckerberg remain Meta's majority shareholder and sell part of a new class of non-voting shares, equal to 10% of his total economic stake.
- Zuckerberg committed to staying in California for eight years, except for "unforeseen material circumstances," after having considered selling his Palo Alto home.
Read the full story at Primera Hora
IASummary generated by artificial intelligence from a story by Primera Hora. It may contain errors: the original source prevails.
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