Zuckerberg Secures Shares to Remain in California
Source reports published 23 Oct 2026, 12:28 am – 1:20 am AEST
Mark Zuckerberg has received new Meta shares to ensure his continued residency in California amidst a vote on a billionaire wealth tax. This action aims to maintain his proximity to the company's headquarters and bolster Meta's financial capabilities.
What happened
- Meta CEO Mark Zuckerberg committed to remaining a California resident for eight years following the approval of a new class of nonvoting common stock.
- This stock was created to provide him with funds to pay a potential billionaire wealth tax, estimated at $12.4 billion, proposed under Proposition 40.
- The company’s board approved the issuance of the new shares, alongside a one-time bump for existing shareholders, including Zuckerberg himself, who owns over 342 million Meta shares.
- Andrew Rocco, stock strategist at Zacks Investment Research, stated that the nonvoting shares were designed to fund AI investments without diluting Zuckerberg’s control.
- The arrangement also addresses Meta’s need for capital for AI infrastructure investments and other corporate purposes.
- The billionaire tax vote is scheduled for November 3rd in California.