Meta Platforms CEO Mark Zuckerberg controls 61% of the company’s voting rights despite owning 13% of its equity, mainly through his Class B shares. In response to California’s proposed one-time wealth tax on billionaires, he reportedly planned to create non-voting shares to limit his potential tax liability without reducing his control. Asset prices suggest that the strategy reinforces the view that billionaires can restructure their holdings in response to such a tax. The November 3, 2026 election will determine the proposal’s fate, with Governor Gavin Newsom and Secretary of State Shirley Weber playing potentially decisive roles.
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