Zuckerberg wins Meta deal to help him foot bill for possible California 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 to a new deal with chief executive Mark Zuckerberg to prevent him from leaving California over a proposed state tax on billionaires.
The agreement gives Zuckerberg, whose wealth is estimated to exceed $200bn (£149bn), even more shares in Meta to make up for the fraction of his fortune he may lose if the tax wins voter approval in November.
The measure would impose a one-time 5% tax on residents with a net worth of more than $1bn. It would likely see the Facebook co-founder pay around $10bn in additional state taxes.
Meta called the deal with Zuckerberg its "Founder Alignment Agreement," saying it was "critically important" to keep him leading the company from California given the "dramatic and unprecedented transformation taking place in the tech industry and global economy related to artificial intelligence."