Business
Meta shields Zuckerberg from California wealth tax with new share deal
October 22, 2026 at 05:29 PM
Meta has agreed a deal allowing Mark Zuckerberg to sell non-voting shares to cover a potential billionaire-tax bill, in return for staying in California.
- Meta will create a new class of non-voting shares through a two-for-one stock split, letting Zuckerberg sell shares without diluting his control.
- Zuckerberg committed to remain a California resident, or wherever Meta maintains its base, for eight years.
- Voters decide on 3 November whether to impose Proposition 40, a one-time 5% tax on California's roughly 250 billionaires.
- Meta reported third-quarter revenue up 26% to $64.6bn, with profits down 37% to $13bn after a $9.9bn charge over child-protection litigation.