Zuckerberg strikes Meta deal to cover potential California billionaire tax ...Middle East

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Zuckerberg strikes Meta deal to cover potential California billionaire tax
source : Business Standard ( Middle East ) () 44
Mark Zuckerberg made a deal with Meta's board to help him pay a proposed California tax on billionaires without losing his ownership stake in the company he founded, according to regulatory filings published this week. If passed by voters in the November 3 election, the measure would levy a one-time 5 per cent tax on the wealth of Californians whose net worth exceeds USD 1 billion. Zuckerberg is the sixth-richest person in the world with a net worth estimated at more than USD 220 billion, according to Forbes. That would put his tax liability at more than USD 11 billion. Actions announced by the tech giant on Wednesday will keep Zuckerberg as the majority owner of the company -- and also give him the ability to sell some of a new class of non-voting shares "for any reason", including to pay potential bills from the wealth tax. The compromise came after Zuckerberg told the board he was considering selling his Palo Alto home last month in anticipation of the proposed tax. But he later

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