Zuckerberg makes deal with Meta to help him pay billionaire tax if it passes
Summary
Mark Zuckerberg arranged a deal with Meta’s board to help pay a new California billionaire tax if voters approve it in the November election. The tax would charge 5% on the wealth of Californians worth over $1 billion, and Zuckerberg’s deal lets him sell non-voting shares to cover the tax without losing control of Meta.Key Facts
- The proposed California tax would charge a one-time 5% fee on wealth above $1 billion for residents.
- Zuckerberg is estimated to have a net worth over $220 billion, potentially owing more than $11 billion under the tax.
- Meta and Zuckerberg agreed he can sell new non-voting shares to pay the tax but still stay the majority owner.
- Zuckerberg committed to remaining in California for at least eight years unless unexpected reasons force him to move.
- The tax aims to replace federal healthcare funding cuts (most proceeds) and fund education and food aid (about 10%).
- Some billionaires, like Google’s Sergey Brin and Larry Page, oppose the tax and support efforts to block it.
- Billionaires’ opposition group, Building a Better California, raised over $333 million, while supporters raised around $32.7 million.
- Zuckerberg has taken a $1 annual salary as Meta CEO since 2013 and will not receive extra pay due to this deal.
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