Meta chief executive Mark Zuckerberg has reached an agreement to remain in California amid concerns over a proposed tax on billionaires. This deal allows Zuckerberg, one of the world's wealthiest individuals, to sell shares in Meta without losing control of the company if he faces a significant tax bill.
Proposed Tax Details
The proposed measure would impose a one-time 5% tax on state residents with a net worth exceeding $1 billion (£750 million). This tax is yet to be approved, with Californian residents set to vote on it on November 3.
Negotiations and Agreement
Despite the uncertainty surrounding the tax, Zuckerberg secured a deal with a special committee at Meta after what was described as "robust" and at times "contentious" negotiations. The committee emphasized the importance of keeping Zuckerberg in a leadership role in California to manage the company during challenging times in the tech industry.
