Meta CEO Mark Zuckerberg has discussed the possibility of leaving California with the company’s board of directors if the state introduces a wealth tax targeting billionaires. According to a Meta financial disclosure, the tech mogul even said he intended to put his $110 million mansion in Palo Alto up for sale so he could relocate before any potential law takes effect.
The proposal, known as Prop. 40, would impose a 5% tax on billionaires’ wealth. For Zuckerberg, whose fortune is estimated at around $250 billion, the potential tax bill could reach $12.5 billion.
According to a 109-page filing submitted to the U.S. Securities and Exchange Commission (SEC), Zuckerberg warned company leadership that he might have to sell a substantial portion of his Meta shares to cover the tax. Such a move could weaken his control over the company he founded.
Most of Zuckerberg’s wealth is tied to his roughly 13% stake in Meta. His Class B shares carry enhanced voting rights, allowing him to retain control of the company.
Discussions surrounding the tax proposal intensified in July. Zuckerberg reportedly raised the issue repeatedly in conversations with company executives, including Meta’s lead independent director, Robert Kimmitt.
According to the filing, Zuckerberg warned that the proposal’s passage could affect his ability to continue living in California and pay the resulting tax bill.
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