Mark Zuckerberg · California · Meta · Facebook · Instagram · The Guardian Technology
Meta strikes agreement with Mark Zuckerberg to help him foot billionaire tax bill
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◎ Multiple-sources
Meta has struck a deal with Mark Zuckerberg to help him foot a possible California wealth tax targeting billionaires.
Key facts
- Meta also reported a 26% rise in revenues for the last quarter to $64.6bn, beating expectations of $63.3bn
- Zuckerberg, worth $239bn (£180bn) according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially
- Californians will vote early next month on Proposition 40, a one-off 5% tax on the roughly 250 billionaires who live in the state
- The company’s shares slid by more than 6% when trading opened on Wall Street on Thursday, helping to drag the tech-focused Nasdaq index down 2.5% amid a wider selloff of AI-linked stocks
Summary
The social media company behind Facebook, Instagram and WhatsApp revealed on Wednesday night that the arrangement would keep its chief executive living in California, where Meta’s headquarters are located. Under the deal, Zuckerberg will receive new shares that could be sold to potentially foot a multibillion-dollar tax bill if California passes a one-off billionaire tax. Californians will vote early next month on Proposition 40, a one-off 5% tax on the roughly 250 billionaires who live in the state. Zuckerberg, worth $239bn (£180bn) according to Forbes, told Meta he was considering moving his primary residence elsewhere because Prop 40 could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it.