Progressive Democrat Ro Khanna criticized opponents of California’s proposed wealth tax after Meta disclosed an agreement involving Mark Zuckerberg. Under the agreement, Zuckerberg would sell nonvoting shares to fund any potential tax payment while retaining voting control, and he would commit to remaining in California or wherever Meta is headquartered for the next eight years. Khanna said these provisions weaken claims that the tax would drive billionaires out of the state. The fate of Proposition 40 remains uncertain ahead of the November 3 election, although prediction markets now assign it a 22.5% chance of passing, up from 22% a day earlier. Polling, public endorsements and statements by California Secretary of State Shirley Weber and Governor Gavin Newsom are expected to shape market sentiment.
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