Mark Zuckerberg Strikes Deal with Meta to Address Proposed California Wealth Tax

Meta CEO Mark Zuckerberg reached an agreement with the company's board to help him settle potential liabilities from a proposed California wealth tax.

The proposed ballot measure seeks to levy a one-time 5% tax on residents whose net worth exceeds $1 billion.

Under the agreement, Zuckerberg committed to retaining his majority ownership while securing provisions to sell a new class of non-voting shares.