Mark Zuckerberg threatens to leave California over 5% billionaire tax, Meta creates new Class C shares to help him stay

Economic Times - Oct 22, 2026

Mark Zuckerberg has threatened to leave California if the state introduces a proposed 5% billionaire wealth tax. In response, Meta has approved a new class of nonvoting Class C shares that would allow the Facebook co-founder to raise money to pay a potential tax bill without losing control of the company. The new stock arrangement also comes with an eight-year commitment from Zuckerberg to remain a California resident.

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