Zuckerberg to stay in California for 8 years using new nonvoting Meta shares

Mark Zuckerberg has committed to remaining a California resident for eight years following a board-approved restructuring of Meta's stock, a move designed to prevent his departure should voters approve Proposition 40 on Nov. 3. The proposed billionaire wealth tax would impose a one-time 5% state tax on billionaire wealth, which would amount to approximately $12.4 billion based on Zuckerberg's estimated $247 billion net worth. To avoid the potential sale of voting shares to cover this tax liability-which would diminish his corporate control-Meta's board authorized a new class of nonvoting common stock. This mechanism allows Zuckerberg to raise the necessary cash for the tax payment without relinquishing his leadership authority over the company. Corporate and Fiscal Implications The creation of the nonvoting Class C shares, effective in January, serves a dual purpose. Beyond stabilizing Zuckerberg's residency near the Menlo Park headquarters, Meta intends to use these shares to fund AI infrastructure investments, compensate employees, and finance acquisitions without diluting the CEO's control.