Meta consents to Zuckerberg staying in California amid wealth tax plan

A proposed California billionaire wealth tax faces opposition from economists and some politicians, with concerns it could prompt wealthy residents and entrepreneurs to leave the state. Mark Zuckerberg, amid these discussions, reached an agreement with Meta to remain in California for eight years by receiving non-voting shares that could help him cover potential tax liabilities. The tax, if approved, would be a one-time 5% tax on the net worth of California residents who are billionaires as of January 2026, potentially reducing state income tax revenue and prompting wealthy individuals to exit California.