Meta CEO Mark Zuckerberg agreed to keep living in California for eight years after telling Meta’s board he might relocate to avoid Proposition 40, a one-time 5% tax on billionaires’ wealth on the November 3 ballot, Meta said in a securities filing. Meta said the tax could cost him billions, and in July Zuckerberg warned a director that selling stock to pay it could cut his voting control to about 53% from 60.6%. In exchange, Meta’s new non-voting Class C dividend lets him sell a fifth of his Class C stock to pay the tax without giving up any votes. Zuckerberg had first asked for a 20-for-1 Class C dividend before the board settled on one share per share, and in September he said he would put his Palo Alto house on the market, which he never did.
