Meta created a new class of non-voting stock so that Mark Zuckerberg could sell or transfer up to 20% of his shares and pay a potential California wealth tax without losing majority voting control of the company. The Meta chief committed to remaining in California for eight years, unless material unforeseen circumstances arise, as Proposition 40 on the November 3 ballot would impose a 5% tax on residents worth more than $1 billion. Zuckerberg, whose net worth is estimated at $225 billion, receives an annual salary of just $1. The technology industry is largely opposed to the measure, but a recent Citrin-Politico poll found 46% of voters in favor and 43% against it.
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