Meta strikes deal with Zuckerberg to help him foot billionaire tax bill
Chief executive agrees to remain in California for eight years even if the state brings in a one-off wealth tax
TL;DR
- Meta will provide Mark Zuckerberg with new shares to help him pay a potential California wealth tax.
- Zuckerberg is committed to remaining a California resident for eight years as part of the deal.
- California voters will decide on Proposition 40, a 5% one-off tax on billionaires.
- Tech billionaires, including Sergey Brin and Peter Thiel, are spending heavily to oppose Proposition 40.
- US Congressman Rohit Khanna described Proposition 40 as a choice between supporting the working class or oligarchs.
- Meta reported a 26% rise in revenue but a 37% fall in profits for the last quarter.
- Meta has cut its headcount by 15% compared to the previous year.