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Mark Zuckerberg pushed Meta stock changes to avoid leaving California amid wealth‑tax threat

techOct 22, 2026571,686

Mark Zuckerberg urged Meta’s board to restructure the company’s stock so he could pay a potential California billionaire wealth tax without selling voting shares, according to filings and reporting by The New York Times and Reuters. Zuckerberg told Meta directors he had planned to list his Silicon Valley home for sale and that his possible relocation would pose a risk to the company, prompting a special committee review, Meta said in filings reported by SFGate and the Wall Street Journal. To preserve his control while enabling liquidity for a tax bill, Meta agreed to create a new class of largely nonvoting shares that would let Zuckerberg monetize economic interest without diluting his voting stake, a change the company plans to implement in January 2027, Reuters and other outlets reported. Public filings and reporting say Zuckerberg’s personal net worth was cited in coverage as roughly $247 billion and that the restructuring was framed specifically as a response to California’s proposed Proposition 40 billionaire tax. Meta’s filing also noted the move would head off the operational and employee-relations questions the company feared his relocation might raise, according to SFGate. The stock-change deal therefore preserves Zuckerberg’s voting control while providing a mechanism to cover a large potential tax liability if Prop 40 passes, and it creates a new corporate capital and governance arrangement Meta will enact early next year, the filings show.

Clara Jeffery
@clarajeffery.bsky.social

Everything these guys do to avoid the billionaire’s’ tax is going to radicalize people to vote for it www.nytimes.com/2026/10/21/t...

15174h ago
Forbes
@forbes.com

The billionaire considered leaving California over a proposed wealth tax that could have forced him to sell shares and weaken his voting control of Meta.

512h ago
3 sources