Zuckerberg Weighed Leaving California Over Proposed Wealth Tax -- Meta

(MENAFN- Nam News Network)

ISTANBUL, Oct 23 (NNN-Anadolu) -- US social media company Meta disclosed in a regulatory filing that Chief Executive Mark Zuckerberg considered moving his primary residence out of California because of a proposed state wealth tax, Anadolu Ajansi reported.

"Zuckerberg informed the Special Committee that he was evaluating relocating his primary residence outside California," the company said in a filing with the US Securities and Exchange Commission (SEC), warning that listing his residential property would become public and "raise questions for management of the company going forward."

To maintain his executive base in the state, Meta concluded an agreement following what the filing characterised as "robust" and "at several points, contentious" negotiations. Under the pact, the company will establish a non-voting share tier that allows Zuckerberg to liquidate up to half of his economic holdings over eight years to settle potential multibillion-dollar tax liabilities without relinquishing voting control.

A special committee concluded that Zuckerberg's leadership remains "critical" as investments expand into artificial intelligence, describing his regular presence at corporate headquarters as vital for direct collaboration with Meta Superintelligence Labs.

The agreement comes ahead of a November 3 California ballot initiative in the US midterm elections proposing a one-time 5.0 per cent levy on residents holding assets of more than US$1 billion.

--NNN-ANADOLU

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