Mark Zuckerberg threatened to leave California over proposed billionaire tax, Meta says

TL;DR

Mark Zuckerberg considered relocating from California due to a proposed billionaire wealth tax.
Meta's board approved a new class of nonvoting common stock to allow Zuckerberg to sell shares and pay the tax without reducing his control.
This stock issuance is also intended to help Meta raise capital for AI infrastructure and other corporate purposes.
Zuckerberg committed to remaining a California resident for eight years following the stock issuance.
The proposed wealth tax (Proposition 40) would impose a one-time 5% tax on billionaires' wealth to fund California's healthcare system.
Economists have raised concerns that the tax could cause billionaires to leave the state, potentially reducing tax revenue.

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