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Meta CEO Mark Zuckerberg will receive additional shares in the technology company he founded after agreeing to remain in California for at least eight more years, according to a securities filing released Wednesday.
The arrangement comes as California prepares for a November vote on Proposition 40, a proposed temporary wealth tax targeting billionaires who live in the state. Meta said the share plan is partly designed to ease the financial pressure Zuckerberg could face if the measure passes.
Under the proposal, Meta will create a new class of nonvoting shares and provide existing shareholders with a one-time allocation for every share they currently own. Zuckerberg, who held more than 342 million Meta shares at the end of 2025, would be among the major beneficiaries.
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Most of Zuckerberg’s holdings carry enhanced voting rights, giving him more than 60 per cent control of Meta. The company said his voting power could fall to about 53 per cent or lower if he were required to sell a significant number of shares to meet a larger tax obligation.
Meta said the new structure would allow Zuckerberg to sell some shares without substantially reducing his control of the company.
Proposition 40 would impose a one-time five per cent tax on California residents with a net worth of at least $1 billion. Meta warned that approval of the measure could leave Zuckerberg facing a multibillion-dollar tax payment linked to his ownership stake.
California has about 39 million residents, but only a few hundred are estimated to have fortunes exceeding $1 billion, according to the California Legislative Analyst’s Office. The proposal would direct 90 per cent of the money collected to healthcare services.
Several prominent billionaires have reportedly relocated from California, including Google co-founders Sergey Brin and Larry Page, as well as PayPal and Palantir co-founder Peter Thiel.
Nvidia CEO Jensen Huang, however, has said he is not concerned about paying higher taxes, even if his bill reaches several billion dollars.
