Mark Zuckerberg · California · Meta · Wired
Mark Zuckerberg Agrees to Stay in California Despite Billionaires’ Tax Ballot Measure
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Meta CEO Mark Zuckerberg has agreed to keep living in Silicon Valley for eight years, potentially exposing himself to billions of dollars in one-time taxes if California voters approve a contentious ballot measure next month, according to a company regulatory filing released Wednesday.
Key facts
- Many wealthy individuals, including Zuckerberg, currently avoid significant tax payments by borrowing against their shares and taking low salaries—$1 annually in the Meta CEO’s case
- His potential cross-country move concerned a special committee of the board, whose members included attorney Robert Kimmitt, venture capitalist Charlie Songhurst, and DoorDash CEO Tony Xu
- Under what Meta called a “Founder Alignment Agreement” with Zuckerberg, he can sell 20 percent of those new shares to help pay any taxes he may owe
- Google cofounders Sergey Brin and Larry Page are among the handful of billionaires widely believed to have exited California over the potential tax
Summary
During a dinner with Meta board members on September 9, Zuckerberg informed them that he was considering leaving California because of the measure, known as Proposition 40, and that he planned to list his Palo Alto, California, home for sale four days later, the 109-page filing stated. Many wealthy individuals, including Zuckerberg, currently avoid significant tax payments by borrowing against their shares and taking low salaries—$1 annually in the Meta CEO’s case. His potential cross-country move concerned a special committee of the board, whose members included attorney Robert Kimmitt, venture capitalist Charlie Songhurst, and DoorDash CEO Tony Xu.