MEXICO CITY: Meta Platforms has struck a deal with Mark Zuckerberg to keep him living in California after the chief executive warned he was considering leaving the state, which houses the company's headquarters, if voters approve a wealth tax proposal next month.
Under the deal, Zuckerberg will receive non-voting shares that he can sell to potentially cover a multi-billion-dollar tax bill if the proposal is approved, in exchange for a commitment to remain a resident of California, or wherever Meta maintains its headquarters, for eight years, Meta said on Wednesday.
Zuckerberg, the world's sixth-richest person, according to Forbes, told Meta he was considering moving his primary residence outside California because Proposition 40, a ballot measure dubbed the "California wealth tax", could expose him to a massive tax liability, potentially forcing him to sell voting shares to pay it.
