Mark Zuckerberg has reached an agreement with Meta to remain in California after raising the possibility of leaving the state amid concerns over a proposed billionaire wealth tax.
Zuckerberg, Meta's CEO, previously told the company he was considering moving his primary residence outside California because of Proposition 40, a ballot initiative that would impose a one-time tax equal to 5% of net worth on billionaires who were California residents on Jan. 1, 2026, if approved.
Under the agreement, Zuckerberg will receive non-voting shares that he could sell to help cover a potential wealth tax bill in exchange for a commitment to remain a resident of California, or the state where Meta maintains its headquarters, for eight years, according to Reuters.
Zuckerberg, the world's sixth-richest person with a net worth approaching $250 billion, according to Forbes, could face a substantial tax bill that might require him to sell company shares.