Mark Zuckerberg · California · Meta · BBC Technology
Meta fined $25bn for 'lies' over user data privacy
Compiled by KHAO Editorial — aggregated from 4 sources. See llms.txt for citation guidance.
◎ Multiple-sources
Meta has agreed to a new deal with chief executive Mark Zuckerberg to prevent him from leaving California over a proposed state tax on billionaires.
Key facts
- The measure would impose a one-time 5% tax on residents with a net worth of more than $1bn
- The agreement gives Zuckerberg, whose wealth is estimated to exceed $200bn (£149bn), even more shares in Meta to make up for the fraction of his fortune he may lose if the tax wins voter approval
- Meta's shares fell more than 7%, wiping more than $100bn off of the company's market capitalisation, a key metric used worldwide to measure the value of a publicly-traded company
- Meta said on Wednesday it planned to spend as much as $145bn this year on AI projects
Summary
The agreement gives Zuckerberg, whose wealth is estimated to exceed $200bn (£149bn), even more shares in Meta to make up for the fraction of his fortune he may lose if the tax wins voter approval in November. The measure would impose a one-time 5% tax on residents with a net worth of more than $1bn. He secured the deal with a special committee of Meta after "robust" and "at several points, contentious" negotiations, according to a Wednesday financial disclosure. California is home to most of the US's technology giants and there are around 225 billionaires who reside in the state, according to the Americans for Tax Fairness campaign group.