Meta strikes deal to stop Mark Zuckerberg leaving California over billionaire tax
The Meta boss had said he would exit the state over a wealth tax that has not yet come into force.
Meta has agreed a deal with Mark Zuckerberg to stop the Facebook co-founder from leaving California after he threatened to move from the state because of a proposed tax on billionaires.
The agreement allows Zuckerberg - reportedly one of the world's richest people - to sell shares in Meta without losing control of the Californian-based company if he needs to pay a large tax bill.
The measure, which would impose a one-time 5% tax on state residents with a net worth of more than $1bn (£750m), is yet to pass. Californian residents will vote on 3 November.
Zuckerberg - who has a $226bn fortune according to Forbes' billionaires tracker - had told Meta's board that it was his intention to remain with the firm for "the foreseeable future".