Meta strikes deal to shield Mark Zuckerberg from California billionaire tax after he threatened to quit the state

Mark Zuckerberg is set to receive non-voting shares as protection against a potentially multi-billion-dollar tax liability should Proposition 40 pass in next month's vote. In return, the Meta chief must remain a California resident, or live wherever the company is headquartered, for eight years. He may sell a fifth of the new Class C stock straight away without giving up voting control. The one-time 5% levy would hit about 250 billionaires.

Zuckerberg, worth roughly $240bn, held detailed talks with Meta's board about leaving California.

He threatened to dump his $110 million California home, a company filing reveals.

Meta plans to issue the new class of non-voting shares in January 2027.